UNEP-FI, the partnership between the UN Environment Programme and over 200 financial institutions launched the UN 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 welcomes the initiative and recognizes it as a positive step forward in achieving change in the financial sector, making it more inclusive with more consideration for people and the planet whilst also delivering sustainable financial results.
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 the involvement of the GABV in this effort. The GABV Principles of Values-based Banking and the UN PRB are complementary to each other although differing 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 recognize and welcome the UN Principles of Responsible Banking. They provide a practical roadmap for institutions that seek to transition to a values-based business model and be 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.
We are proud to see that the GABV members and its Principles of Values-based Banking have inspired others to take actions and to change the financial sector to have a 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 the local communities to do more and look forward to cooperating on the implementation of this new initiative of UNEP-FI.