WWF Supports Launch of UNEPFI Principles for Responsible Banking | WWF
WWF Supports Launch of UNEPFI Principles for Responsible Banking

Posted on 26 November 2018

WWF welcomes the launch of the Principles for Responsible Banking (the Principles), announced on 26 November by the United Nations Environment Programme Finance Initiative (UNEPFI). The Principles provide a much needed global framework for sustainable banking, helping to align the industry with objectives outlined in the Sustainable Development Goals (SDGs), the Paris Agreement, and the UN Guiding Principles on Business and Human Rights. The Principles highlight the importance of aligning banks’ business strategies and decisions - including capital allocation decisions - with relevant national, regional, and international frameworks.
WWF welcomes the launch of the Principles for Responsible Banking (the Principles), announced on 26 November by the United Nations Environment Programme Finance Initiative (UNEPFI). The Principles provide a much needed global framework for sustainable banking, helping to align the industry with objectives outlined in the Sustainable Development Goals (SDGs), the Paris Agreement, and the UN Guiding Principles on Business and Human Rights. The Principles highlight the importance of aligning banks’ business strategies and decisions - including capital allocation decisions - with relevant national, regional, and international frameworks.
 
WWF encourages banks globally to sign up to the Principles and signal their commitment to sustainable finance. As more banks endorse and then adopt the Principles, the industry as a whole will be better positioned to manage risk and seize opportunities associated with sustainable development.  
 
WWF supported the development of the Principles as one of 12 civil society organizations involved in the development process. In this role, WWF provided expert advice on The Principles and The Implementation Guidance drawing on our deep science-based insights into what constitutes robust ESG integration, which is reflected in our proprietary Sustainable Banking Assessment (SUSBA) framework. WWF looks forward to supporting the continuous development of the Principles and is encouraged to see that the Implementation Guidance ask banks to align policies with scientific and robust approaches developed via a multi-stakeholder approach. Banks are asked to set targets at least in line with or more ambitious than those expressed in the SDGs, Paris Climate agreement and other national and international frameworks. WWF strongly recommends banks to set targets in line with a 1.5 degree setting and follow the guidance to disclose alignment of the bank’s portfolio with climate targets.
 
Jeanne Stampe, Head of Asia Sustainable Finance WWF, states “it is in banks’ interest to sign up to the Principles to ensure that their business models are relevant and resilient in a resource constrained world, and more importantly, to enhance their ability to play a crucial role in financing the urgent transitions to sustainable energy, transport, infrastructure and food systems.”
 
WWF will support banks in implementing the Principles through the Asia Sustainable Finance Initiative (ASFI), a multi-stakeholder platform which supports financial institutions in understanding ESG best practices, and identifying solutions that link sustainable finance activities with measurable, science-based, real-economy outcomes throughout the region.
 
WWF’s Sustainable Banking Assessment (SUSBA) is an interactive tool for banks to assess and benchmark their Environmental, Social and Governance (ESG) integration performance. SUSBA aims to support and accelerate banks’ efforts to stay competitive, resilient, and relevant in a resource constrained, low carbon future.

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For more information please contact: 
Julien Anseau | WWF International | janseau@wwfint.org 
 

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