UN's Principles of Responsible Banking
Bank of Cyprus has signed, in October 2023, the UN's Principles of Responsible Banking, a unique framework for sustainable banking developed through a collaboration between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI).
These principles are seen as the leading framework for ensuring that banks’ strategies and practices align with the vision society has set out for its future in the UN Sustainable Development Goals and the Paris Climate Agreement. Banks that have signed the principles join the world's largest global banking community focusing on sustainable finance, sharing best practice and working together in developing practical guidance and pioneering tools of benefit to the entire industry.
Commitments
Signatory banks commit to adopting the six Principles of Responsible Banking:
- Alignment
- Impact & Target setting
- Clients & Customers
- Stakeholders
- Governance and Culture
- Transparency and Accountability
In practice, signatories commit to align their business strategy with individual needs and society's goals as these are expressed in the UN Sustainable Development Goals, the Paris Climate Agreement, and relevant national and regional frameworks, to enhance their positive impact on people and the environment by limiting any adverse consequences from their operations, to work responsibly with their clients to encourage sustainable practices, to consult and partner with stakeholders to achieve society’s goals, to implement their commitment to the Principles through effective corporate governance and a culture of responsible banking, and to be accountable and transparent in disclosing their progress in implementing these principles and their impact on the bank.