How Banks CanAnd MustHelp Save The Planet
The world to leave behind is one of unsustainable, high-emissions practices.
The world to seek is one of global-minded, sustainable development. And the UN, through its Sustainable Development Goals (SDGs) and the Paris Agreement, has put this very large goal into words, actions, and a tangible framework.
Certainly, it is the goal of a generationbut it is also expensive. The SDGs alone require an annual investment of seven trillion US dollars.1
So how can the banking industry help finance this? Indeed, the world's banks have a huge role to play in funding the sustainability agendaand bankers are already on board. Since spring 2018, the world's major banks have been working with the United National Environment Finance Initiative (UNEP FI) on the alignment of business practices with global sustainability objectives.
The time is now
Since the global financial crisis ten years ago, the banking industry has been working to rebuild public trust. At the same time, global environmental issues, particularly climate change, have risen to the top of the global agenda, resulting in major global commitments that have regulators eager for action and for real shifts in business culture. Equal, if not exceeding, pressure comes from consumers themselves who are screening their economic choices far more rigorously. Young consumers especially want to know where the cacao comes from in the chocolate they buy, and how sustainable their investments are.
A closer look at the new principles for banks
Whereas asset managers have the Principles for Responsible Investment, bankers will soon have the Principles for Responsible Banking, which are being developed out of the two frameworks mentioned above.
In the making under the UNEP FI by 28 major banks representing USD $17 trillion in assets, these principles will shape the future of this industry by aligning banking efforts with societal goals, establishing a global...
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