United Nations Principles For Responsible Banking
Ecology Building Society has become a Founding Signatory of the United Nations Principles for Responsible Banking, a global initiative to make climate action and sustainability central to banking. Ecology is the first building society to sign the Principles.
By signing the Principles, Ecology joins a coalition of 130 banking providers worldwide, representing over USD 47 trillion in assets, in committing to taking on a crucial role in helping to achieve a sustainable future.
The official launch of the Principles for Responsible Banking took place at the start of the UN General Assembly. “The UN Principles for Responsible Banking are a guide for the global banking industry to respond to, drive and benefit from a sustainable development economy. The Principles create the accountability that can realise responsibility, and the ambition that can drive action,” said UN Secretary-General Antonio Guterres at the launch event in New York.
At Ecology we believe that it’s critical for the wider financial sector to support the transition to a low-carbon economy if we are to meet our Paris targets. This global initiative provides a framework for banks to plan for the risks associated with climate change and move money to support investments that have a positive environmental impact.
Paul Ellis, Chief Executive of Ecology Building Society explained,
“Given the scale of the climate and ecological crisis, we need finance that serves people and planet. The Principles have the potential to drive systemic change, ensuring that the purpose of banking extends beyond profit to creating positive social and environmental impacts. Signing up to the Principles wasn’t a difficult decision for Ecology as we’ve been acting as pioneers of environmental finance since we were established. We’re proud to support these concerted efforts to build a sustainable future.”
Published: 23 September 2019
Author: Jennifer Whiteside