Absa is among 130 banks from 49 countries committing to the UN Principles for Responsible Banking, says Shirley Webber (Absa CIB).
The recent commitment of 130 banks from 49 countries to the United Nations Principles for Responsible Banking which were adopted in September 2019 marks an important milestone for the banking industry and so for the Oil and Gas industry as well. The principles guide banks on how to align their business strategy with society’s goals. This framework will undoubtedly play an important role in building a more sustainable future through a combination of project funding and investments considerations.
The Principles for Responsible Banking consist of six principles that set a global standard for responsibility.
The Principles for Responsible Banking are:
Alignment (business strategy to society’s goals)
Impact and target setting (increase positive impacts and managing risks to people and environment because of our activities)
Clients and customers (activities to create shared prosperity for the future)
Stakeholders (engaging to achieve society goals)
Governance and culture (effective governance)
Transparency and accountability (reviews and reporting on sustainability)
Because stakeholders and society should be equally important for financial institutions, financial services corporates will need to ensure that all risk management categories are carefully considered…