Legal & Regulatory News

United Nations Environment Programme Finance Initiative publishes progress report on Principles for Responsible Banking

On October 15 2021, the United Nations Environment Programme Finance Initiative (UNEP FI) released its first report on the progress made by signatories of the Principles of Responsible Baking group (the Principles). The report comes one and a half years after the first signatories established the Principles, and signatories now represent 40% of the global banking system by assets.

Findings from the report show that there is variance across different signatories, but also that there are early signs of collective progress which are spilling out into the economy and foundations are being built to transform sustainable banking. The UNEP FI report assesses signatories progress across the following areas:

• their impact on people and the planet;
• target setting and rankings, specifically picking targets where they will have an impact; and
• reporting on progress.

The UNEP FI report also emphasises the need to increase momentum in key areas in order to address key challenges such as improved accessibility and quality of data.

Click here to access the full report.