The Global Alliance for Banking on Values (GABV) welcomes the initiative and recognises it as a positive step forward in driving change in the financial sector, making it more inclusive, with greater consideration for people and the planet, whilst also delivering sustainable financial results.
UNEP-FI, the partnership between the UN Environment Programme and over 200 financial institutions, launched the United Nations Principles for Responsible Banking (UN PRB) on 26 November 2018 in Paris. The principles were developed by a core group of 28 banks from across the world, including GABV member Triodos Bank.
The GABV has been active in the consultation process as part of the Civil Society Working Group. The GABV Principles of Values-based Banking provided a strong foundation for GABV’s involvement in this effort. The GABV Principles of Values-based Banking and the UN PRB are complementary, although they differ in some details. The UN PRB are designed for banks on the journey to sustainability, whereas the GABV Principles capture the essence of banks that are already focused and immersed in a values-based banking business model.
We recognise and welcome the UN Principles of Responsible Banking. They provide a practical roadmap for institutions seeking to transition to a values-based business model and become more sustainable. The GABV members are established as values-based institutions and actively work to strengthen their business models to ensure that people and the planet are of primary importance while achieving prosperity in the local communities they serve.
Further reading: How financing positive change is helping to change finance itself
We are proud to see that GABV members and its Principles of Values-based Banking have inspired others to take action and change the financial sector to place greater focus on social, environmental, and economic goals. We believe the Principles of Responsible Banking are an important milestone on the road to positive change in the financial sector. The GABV will continue to inspire its members, coworkers, clients, and local communities to do more and look forward to cooperating on the implementation of UNEP-FI’s new initiative.
