ESG Reporting Intelligence Logo

Aussie Banks sign up to the latest SDG UN-endorsed programme

by | May 20, 2022 | ESG

A series of global banks signed up to the latest United Nations-endorsed financial programme, designed to align the financial services sector with the UN’s Sustainable Development Goals and the Paris Climate Agreement.

Combined, the bank signatories represent in excess of $17 trillion in assets. The banks listed include Barclays, Bradesco, ICBC, National Australia Bank (NAB), Nordea and Westpac. The agreement commits signatories to considering the impact their business operations have on society, as well as their shareholders.

In a statement announcing Nordea’s participation in the programme, Casper von Koskull, president and group CEO of Nordea, said the bank wanted to “contribute to the transition to a low carbon economy and society’s goals.”[1]

The UNEP Financial Incentive; Principles for Responsible Banking initiative commits banks to six goals[2]:

1) To align their business strategies so that they contribute to societies’ goals and individual’s needs, as stipulated in the UN SDGs and in the Paris Climate Agreement.

2) To reduce the negative impact that they have people and the environment as a result of the services they provide and increase the positive impact that they make.

3) To work with clients and customers to encourage sustainable practices and economic activities that will benefit current and future generations.

4) To work with other stakeholders to achieve society’s goals.

5) To implement good governance and a culture of responsible banking, demonstrating ambition and accountability by setting public targets relating to the most significant impacts.

6) To periodically review their individual and collective implementation of these principles and be transparent about their behaviour.

The real question now is, how are Aussie banks going to filter the commitment down into corporate and consumer product offerings?



Original source Joe McGrath I ESG Clarity I

Contact us to discuss how your organisation can reduce ESG risks, create an effective ESG strategy, reduce their carbon footprint and better manage ESG risk in your supply chain.

Recent Posts

Uyghur Forced Labor Prevention Act (UFLPA) – Antislavery/Modern Slavery

by | Apr 29, 2023 | ESG | 0 Comments

The adoption of the Uyghur Forced Labor Prevention Act (UFLPA) by the United States on 21 June 2022 will go down in the annals of anti-slavery, heralding a new chapter...

European Union’s New Sustainability Regulation- Corporate Sustainability Reporting Directive (CSRD)

by | Apr 14, 2023 | ESG | 0 Comments

The European Parliament adopted CSRD in November 2022, giving further stimulus to transparency on environmental, social and governance affairs in registered...

Mental Health and Well-being Awareness in the Workplace – DEI

by | Mar 21, 2023 | ESG | 0 Comments

Organisational and leadership focus, up until recently was almost exclusively focused on financial viability and the customer-centric mindset. In a post-pandemic-world...

Mandatory Climate Disclosures: Australian Government Launches Consultations

by | Mar 12, 2023 | ESG | 0 Comments

The Australian government released a consultation paper on 12 December 2022 seeking opinions for designing and executing a binding climate-related fiscal reporting rule...

What is Greenwashing – Everything You Must Know About It

by | Mar 8, 2023 | ESG | 0 Comments

Greenwashing is a term that has emerged in recent years to describe the practice of companies presenting themselves as environmentally friendly, sustainable, or...

How to Develop a Modern Slavery Statement

by | Feb 23, 2023 | ESG | 0 Comments

As ESG (Environmental, Social and Governance) issues continue to gain prominence in the corporate world, modern slavery is an area that companies are increasingly being...

Environmental Sustainability

by | Feb 16, 2023 | ESG | 0 Comments

Environmental sustainability is a concept that has gained significant attention in recently as the world grapples with the challenges of climate change, resource...

What is Governance

by | Feb 5, 2023 | ESG | 0 Comments

Governance is a critical aspect of corporate sustainability and is the foundation of all ESG (Environmental, Social, and Governance) efforts. Good governance practices...

What is the Australian Human Rights Commission

by | Jan 23, 2023 | ESG | 0 Comments

The Australian Human Rights Commission (AHRC) is an independent statutory body established under the Australian Human Rights Commission Act 1986. The commission's...