Emma BondThe UN Environmental Programme Finance Initiative (UNEPFI) has published a collective progress report providing an update on the progress made by more than 200 signatories in implementing the Principles for Responsible Banking. This comes at the 1.5 year mark of the initial 4-year timeline given for the Principles, which themselves provide a framework for ensuring that signatories’ strategies and practices align with the visions in the Sustainable Development Goals and the Paris Climate Agreement.
The report displays the continued action that is needed from signatories, and suggests that enhancing the availability and quality of data, setting targets in line with improved impact analysis, as well as increasing action on sustainability issues are amongst the areas where improvement is needed. However, some promising statistics include that 94% of banks see sustainability to be a strategic priority for their organisation, and 93% are scrutinising the environmental and social impacts of their activities.
Insights gained from the report will be used to further develop the programme. The next collective progress report is scheduled for 2023.
