UNEP FI
United Nations Environment Programme Finance Initiative
Nedbank is a member of the United Nations Environment Programme Finance Initiative (UNEP FI), a partnership between UNEP and the global financial sector created in the wake of the 1992 Earth Summit, with a mission to promote sustainable finance.
More than 200 financial institutions, including banks, insurers and investors work with UNEP to understand today’s environmental, social and governance challenges, why they matter and how to address them. In a bid to define the global banking industry’s role and responsibilities in shaping a sustainable future, UNEP FI, together with member banks, has developed the principles for responsible banking, with banks across the globe now considering what is required for their organisations to align with these principles.
Nedbank is also an active member of the Positive Impact Initiative and Working Group. The Positive Impact Initiative is a collaborative movement that started in 2015 by UNEP FI member banks and investors who believed in the need to transition to an impact-based business and financing paradigm to achieve a sustainable world as defined by the SDGs.
Principles for Responsible Banking
We are in support of the Principles for Responsible Banking (PRB) by the United Nations Environment programme Finance Initiative,which aim to increase the positive impact of the global financial sector through alignment with the SDGs and the requirements of the Paris Agreement.
The PRB call for transformation of the financial sector is commensurate with the level of urgent change that is required to address pressing socioeconomic development needs within the context of the climate emergency. The PRB effectively mean that all banks will need to reconsider their business models and operations to ensure that they are contributing to the future of the planet and society in this way.
To date we have elected not to officially sign up to the PRB. Our purpose to use our financial expertise to do good for individuals, families, businesses and society guides our activities in alignment with the PRB and we recognise that we will need to continuously increase our efforts to achieve the desired outcomes.