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The Bank of Greece endorses the UNEP FI Principles for Responsible Banking

20/03/2019 - Press Releases

The Bank of Greece supports and endorses the Principles for Responsible Banking, currently under consultation by the UNEP FI (United Nations Environment Programme Finance Initiative). In a letter to UNEP FI, Governor Yannis Stournaras stresses that the Bank of Greece is committed to promote these principles through its networks and invites all banks to do the same.

In this regard, the Governor of the Bank of Greece stated: “If we are to succeed in building a sustainable future, the banking sector needs to maximise its contribution by aligning its practices with society’s goals, as expressed in the Sustainable Development Goals of the United Nations and the Paris Climate Agreement. The Principles for Responsible Banking, as part of a roadmap towards sustainability, support and accelerate the fundamental changes needed to achieve shared prosperity for current and future generations. The Bank of Greece endorses the Principles and, in its capacity as the national central bank, strongly urges all banks to sign them and set ambitious targets.”

The UNEP FI Responsible Banking Principles aim to define the role and the responsibilities of the banking sector for a sustainable future, while the signatory banks will commit to align their business practices with the global community goals and to create value for society. The Principles set out the criteria for responsible and sustainable banking, through a holistic evaluation of risks and opportunities stemming from banks’ activities. Furthermore, the Principles encourage banks to identify and assess the effect of their asset allocation decisions and be transparent on their positive and/or negative impact on society and the environment.

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