Legal & Regulatory News

UNEP FI announces plans to strengthen the climate ambition of its Principles for Responsible Banking

On 16 February 2023, the United Nations Environment Programme Finance Initiative (UNEP FI) published a press release regarding its intention to strengthen the climate ambition of its Principles for Responsible Banking (the Principles).

The UNEP FI framework consists of six Principles, all designed to ensure that signatory banks' strategy and practice align with the UN Sustainable Development Goals and the Paris Agreement.

UNEP FI's plans follow growing international efforts to re-evaluate global standards as to the level of climate ambition that is considered adequate. Under UNEP FI's plans, signatories to the Principles would now be required to align their portfolios with a 1.5 degrees pathway and for banks in developed countries to achieve net zero emissions by at least 2050.

Click here to view the press release.

Click here to view the Principles.