DURBAN - Industrial and Commercial Bank of China (ICBC) along with Standard Bank, and 26 other banks have joined from across the world to develop Principles for Responsible Banking.
Spearheaded by the United Nations Environment Programme Finance Initiative (UNEPI), this initiative aims to provide clear and specific guidance to banks on embedding sustainability into their businesses.
The draft Principles for Responsible Banking, to be launched on 26 November in Paris, France, will offer a single comprehensive framework that guides banks on sustainable lending practices and processes.
Signatory banks will be expected to merge social, environmental and economic considerations and impacts into their businesses processes, lending practices and reporting.
ICBC and Standard Bank have been involved developing the Principles from the start of the process in April 2018. 28 leading global and regional banks, of UNEPFI’s 129 member-banks, formed the main group to steer the process.