Standard Bank said it had identified seven impact areas to build on progress already made: job creation and enterprise development; education; financial inclusion; health; environment and climate change; infrastructure development; African trade and investment.
Chief executive for Africa regions Sola David-Borha said: “We recognise it takes more than putting pen to paper to make a global agreement on responsible banking a reality, but today marks an important starting point. The bank saw opportunities to have a significant impact across the economy, given it had the largest footprint of all participating banks.”
Financial services groups globally have begun aligning their operations towards a sustainable future by taking a tougher stand on climate change.
Signatory banks are required to conduct impact analyses to identify their biggest potential positive and negative contributions to the societies, economies and the environments in which they operate. Based on this, banks must then identify strategic business opportunities to increase positive and decrease negative impacts.