Our First Progress Report For The Principles For Responsible Banking
We’ve published our first progress report demonstrating how we are fulfilling the Principles for Responsible Banking under the United Nations Environment Programme Finance Initiative (UNEP FI). Ecology became a founder signatory at the launch of the Principles for Responsible Banking at the UN General Assembly in September 2019 and is the first building society to sign the Principles.
The Principles form a framework for a sustainable banking system, ensuring banking providers align their strategies and activities with the Sustainable Development Goals and the Paris Climate Accord. The Principles cover themes such as: working responsibly with stakeholders and customers; impact and target-setting; governance and culture; and transparency and accountability.
The Principles are a natural fit for Ecology. We have been dedicated to sustainable development throughout our forty-year history, and we are more committed than ever to our mission to build a greener society.
Our motivation for signing the Principles extends far beyond 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 the Paris targets. All finance must rapidly become green finance, fully focussed on averting the existential threats of climate change and ecological breakdown. Trillions of dollars will need to be mobilised globally if we are to meet the requirements of the Paris Accord and the UN Sustainable Development Goals.
By signing the Principles, we are adding our voice to global efforts to transform the financial system and ensure that the purpose of banking extends beyond profit to creating positive social and environmental impacts. We’re proud to support these concerted efforts to build a sustainable future.
To find out more and read our first progress report on how we are meeting the Principles for Responsible Banking, click here.
Published: 22 March 2021
Author: Jennifer Whiteside