IBCB announces its endorsement of the United Nations Environment Programme Finance Initiative Principles for Responsible Banking
1 June 2022: The Irish Banking Culture Board (IBCB) today announces its endorsement of the United Nations Principles for Responsible Banking. These Principles provide a framework to ensure that the strategies and business practices of Banks align with the UN Sustainable Development Goals and the Paris Climate Agreement . Signatory banks commit to embedding the Principles in their business and to carry out impact assessments, developing specific commitments, setting targets, and reporting on these targets.
The IBCB believes these Principles are an important commitment from the banking sector to promote an environment where ethical behaviour is at the heart of banking. The Principles are closely aligned to the purpose of the IBCB; to work with member banks to build trustworthiness in order to assist the industry in regaining public trust.
Central to the UN Principles is a focus on sustainable banking practices which consider the needs of society and customers, to engage proactively and responsibly with stakeholders, to ensure transparency, accountability, effective governance, and a culture of responsible banking. The six UN Principles for Responsible Banking are:
- Impact and target setting;
- Clients & customers;
- Governance & culture;
- Transparency & accountability.
Speaking about the endorsement, CEO of the IBCB, Marion Kelly, said: “IBCB is delighted to promote the UN Principles for Responsible Banking within its networks. We believe the Principles define a framework to support the implementation of responsible banking behaviours. This aligns with our organisation, and IBCB’s purpose to work with member banks to build trustworthiness in order to assist the industry in regaining public trust, therefore we welcome the opportunity to endorse the principles.”
There are currently 280 signatories to the Principles worldwide, which represent ~ 45% of global banking assets. Further details of the UNEP Finance Initiative can be found at https://www.unepfi.org/.