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?

[1] https://www.nordea.com/en/press-and-news/news-and-press-releases/press-releases/2018/11-26-08h00-nordea-co-founder-of-un-principles-for-responsible-banking.html

[2] http://www.unepfi.org/banking/bankingprinciples/

Original source Joe McGrath I ESG Clarity I https://esgclarity.com/banks-sign-uns-responsible-behaviour-initiative/

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

about-esgri

About the ESGRI Academy

by | Jun 21, 2022 | ESG | 0 Comments

ESGRI’s platform provides a wealth of opportunities for employees to learn new skills, advance their careers and instill a strong sense of ESG throughout an...

Supply-Chains

Real-Time Supply Chain ESG management

by | Jun 21, 2022 | ESG | 0 Comments

“Two-thirds of the average company’s environment, social, and governance footprint lies with suppliers. Procurement leaders who take bold action can make a decisive...

Pricing-Benefits-to-both-issuers-and-investors-for-Green-Bonds-Climate-Bonds-Initiative

Pricing Benefits to both issuers and investors for Green Bonds | Climate Bonds Initiative

by | May 20, 2022 | ESG | 0 Comments

The Climate Bonds Initiative recently released the latest Green Bond Pricing report, with an assessment of the performance of issuances in the second half of 2021. The...

ESG-Impact-announces-partnership-with-Ethical-Trade-Alliance

ESG Impact announces partnership with Ethical Trade Alliance

by | May 20, 2022 | ESG | 0 Comments

Media Release – March 2, 2022 ESG Impact (ESGI) is pleased to announce its partnership with Ethical Trade Alliance (ETA). As an alliance partner of the ETA, ESGRI’s...

Australian ESG News – Q3 2021

by | May 20, 2022 | ESG | 0 Comments

Greenpeace Australia Pacific launches Hero to zero: uncovering the truth of corporate Australia's climate action claims, reviewing the targets of 80 of the highest...

Global ESG News – Q3 2021

by | May 20, 2022 | ESG | 0 Comments

The Biden Plan for a clean energy revolution and environmental proposal will make a federal investment of $1.7 trillion over the next ten years, leveraging additional...

Environmental, Social & Governance (ESG) Supply Chain Risk Management

by | May 20, 2022 | ESG | 0 Comments

Modern day supply chains are complex, changing, and fraught with risk management challenges. One scary statistic we hear these days is that over the past 2 two years...

Eden-Towers-Agritech-ESG-Report

Eden Towers – Agritech ESG Report

by | May 20, 2022 | ESG | 0 Comments

Eden Towers completed an Environmental, Social and Governance (ESG) review and first ESG report working with the team from ESG Impact, and key supplier and partner...

ESG-Strategy-and-Reporting-for-global-smart-city

ESG Strategy and Reporting for Global Smart City

by | May 20, 2022 | ESG | 0 Comments

We are very excited to have recently completed the first ESG report for Enyimba Economic City (EEC) in Nigeria. A special economic zone project of a comparable size...