Some 26 leading banks from 5 continents are re-defining banks’ purpose and business model to align the sector with the UN Sustainable Development Goals (SDGs) and the Paris Climate Agreement. The 2 enactments by the UN have set ambitious targets to deliver a sustainable future for all. As two thirds of worldwide finance is provided by banks, the global banking system will be instrumental in achieving these goals. Convened by the UNEP FI secretariat, the banks are developing global banking principles that will direct banks’ efforts to align with society’s goals as expressed in the SDGs, the Paris Agreement, as well as national and regional frameworks, set the global benchmark for sustainable banking, drive ambition by requiring signatory banks to set goals for and report on their contribution to national and international social, environmental and economic targets, ensure accountability and transparency on banks’ impacts, challenge the banking industry to play a leading role in creating a more sustainable future. The process of developing the principles will include consultation with a wide range of stakeholders, such as civil society organizations, banking associations, regulators and UN bodies. Members of the Core Group are Access Bank (Nigeria), Arab African International Bank (AAIB) (Egypt), Banco Pichincha (Ecuador), Banorte (Mexico), Barclays (United Kingdom), BBVA (Spain), BNP Paribas (France), Bradesco (Brazil), Commercial International Bank (CIB) (Egypt), First Rand (South Africa), Garanti Bank (Turkey), Golomt Bank (Mongolia), Hana Financial Group (South Korea), Industrial and Commercial Bank of China (ICBC) (China), ING (Netherlands), KCB Group (Kenya), Land Bank (South Africa), Nordea (Sweden), Piraeus Bank (Greece), Santander (Spain), Shinhan Financial Group (South Korea), Societe Generale (France), Standard Bank (South Africa), Triodos Bank (Netherlands), Westpac Group (Australia), and YES Bank (India).
