Eurobank endorses the Principles for Responsible Banking supporting a global initiative that aims to define the role and the responsibilities of the banking sector internationally, in the context of a collective effort for a sustainable future.
The Principles for Responsible Banking, have been shaped by the banking industry through the United Nations Environment Programme Finance Initiative (UNEP FI), and will officially launch on 22 September as world leaders convene for the United Nations General Assembly. The Principles provide the framework for a new sustainable banking industry and aim to accelerate the contribution of the banking industry to achieving society’s goals as expressed in the Sustainable Development Goals (SDGs) of the United Nations and the Paris Climate Agreement.
In this regard Mr. Fokion Karavias, Eurobank’s Chief Executive Officer communicated by letter the Bank’s decision to endorse the six (6) Principles as defined by the UNEP FI. “Eurobank has already endorsed principles and values, implementing practices based on the principle of accountability towards customers, employees and society in its day-to-day operations. The endorsement of the Principles for Responsible Banking affirms our commitment to support and contribute in achieving the Sustainable Development Goals set by the United Nations both in terms of responsible business behavior and corporate social responsibility”.
The six principles have undergone an extensive six-month long public consultation process, and set ambitions towards:
- Alignment of a bank’s business strategy with global development and environmental goals.
- Increasing the positive impact of a bank on society and the environment, while reducing risk and any negative impacts.
- Working responsibly with a bank’s clients and customers to encourage sustainable practices and enable economic activities that create prosperity for current and future generations.
- Proactively and responsibly consulting, engaging and partnering with stakeholders to achieve society’s goals.
- Implementing governance and a culture of responsible banking, which demonstrates ambition.
- Transparency and accountability through a bank’s period review of its implementation of the Principles and impacts.
The six Principles for Responsible Banking set a common framework for responsible and sustainable banking across the whole range of banking activities, while encouraging banks to be publicly accountable for the positive and negative impacts of their action on society, the economy and the environment.
More information is available at: www.unepfi.org/responsiblebanking