Acclimatise are delighted to officially endorse the UNEP FI Principles for Responsible Banking (PRB), a single framework working towards a sustainable banking industry.
The PRB sets out a framework of six principles which encourage the banking industry’s role and responsibility in shaping a sustainable future by aligning the sector with the goals and objectives of the SDGs, the Paris Climate Agreement, and other relevant national frameworks. The principles have been developed by 30 leading global banks and members of the UNEP FI through a consultative process with over 250 banks over a period of 6 months, and will be officially launched on 22nd September 2019 during the annual United Nations General Assembly in New York City.
The principles require signatory banks to take 3 key steps:
- Impact analysis;
- Target setting; and
- Implementation and accountability.
Following these steps, signatories are required to set and publish targets in line with sustainable goals and be transparent and accountable by publicly reporting on their positive and negative impacts. The Principles enable a bank to embed sustainability across all its business areas, and to identify where it has the potential to make the most impact in its contributions to a sustainable world. Signatories to the PRB will have the competitive market advantage to leverage new business opportunities in the emerging sustainable development economy.
Acclimatise recognises the importance of greening financial flows as a systemic approach to building resilience to climate change. We have worked with financial institutions (FIs) to develop methodologies, and build capacity, to assess physical climate risks and opportunities in financial portfolios. Beyond this, we are supporting financial institutions’ efforts in implementing the Task Force on Climate-related Financial Disclosures (TCFD) Recommendations. As an official endorser of the PRB, Acclimatise is pleased to see banks commit to these actions and further leverage their efforts in greening the financial system.
“As a specialist advisory and analytics company working on climate risk management in the real economy and with financial institutions for over 15 years, we have long since been proponents of private sector action to build climate resilience. We welcome the PRB as a renewed effort by banks to step into the role they play in developing sustainable economies and societies.”
John Firth, Acclimatise CEO and co-founder
More than 65 organisations have already endorsed the PRB, putting it on track for becoming the industry standard in the banking sector, with banks committing to align their strategies, portfolios and business practices with the UN Sustainable Development Goals (SDGs) and the 2015 Paris Climate Agreement. By the time of its official launch on 22nd September 2019, over 150 banks and banking industry institutions are expected to become signatories to the PRB through an innovative partnership between banks worldwide and UNEP FI.
“It is fantastic to see this coalition growing so quickly. The Principles for Responsible Banking are rapidly setting the global standard for what it means to be a responsible bank. We invite banks that haven’t endorsed them yet to join and show their commitment to the sustainable banking system of the future.”
Simone Dettling, head of the Banking team at UNEP FI
To learn more about how your bank can sign up to the PRB, and how this relates to climate action you are taking, please contact:
Robin Hamaker-Taylor, Policy and Risk Analyst, Acclimatise, Email: firstname.lastname@example.org
Will Bugler, Senior Communications Consultant, Acclimatise, Tel: 07726665908, Email: email@example.com