CAPE TOWN – Industrial and Commercial Bank of China (ICBC), the world's largest bank by assets, and Standard Bank, the largest bank in Africa by assets, have joined 26 banks 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 November 25 in Paris, will provide a single comprehensive framework that guides banks on sustainable lending practices and processes.
Signatory banks will be expected to integrate 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. At least 28 leading global and regional banks – of UNEPFI’s 129 member-banks – formed a core group to steer the process.