Arion Bank endorses UNEP FI Principles for Responsible Banking in advance of their launch on 22 September 2019
Arion Bank recently signed a statement that it would endorse and adopt the UNEP FI Principles for Responsible Banking, which enable a bank to operate in harmony with society and the environment.
The United Nations Environment Programme Finance Initiative (UNEP FI) is a partnership between United Nations Environment and more than 240 financial institutions across the world, working to understand today’s environmental, social and governance challenges. The principles, devised by 28 international member banks of UNEP FI, align the banking sector with international commitments including the UN’s Sustainable Development Goals and the Paris Climate Agreement. The principles will be formally launched at the United Nations General Assembly in New York on 22 September, when more than 30 bank CEOs, will sign their bank’s commitment to adhering to the principles.
Höskuldur H. Ólafsson, CEO of Arion Bank:
“At Arion Bank we are committed to working responsibly in harmony with society and the environment. The innovative UNEP FI Principles for Responsible Banking match our strategy well. We are therefore delighted to endorse and adopt these principles and we hope they will be beneficial to us on our journey towards sustainability. By signing up to these principles we are also demonstrating our support for important international goals and agreements. We look forward to being an active member of the international responsible banking community.”
Principles for Responsible Banking:
Principle 1 - Alignment
We will align our business strategy to be consistent with and contribute to individuals’ needs and society’s goals, as expressed in the Sustainable Development Goals (SDGs), the Paris Climate Agreement and relevant national and regional frameworks. We will focus our efforts where we have the most significant impact.
Principle 2 - Impact
We will continuously increase our positive impacts while reducing the negative impacts on, and managing the risks to, people and environment resulting from our activities, products and services.
Principle 3 - Clients and Customers
We will work responsibly with our clients and our customers to encourage sustainable practices and enable economic activities that create shared prosperity for current and future generations.
Principle 4 - Stakeholders
We will proactively and responsibly consult, engage and partner with relevant stakeholders to achieve society’s goals.
Principle 5 - Governance and Target Setting
We will implement our commitment to these Principles through effective governance and a culture of responsible banking, demonstrating ambition and accountability by setting public targets relating to our most significant impacts.
Principle 6 - Transparency and Accountability
We will periodically review our individual and collective implementation of these Principles and be transparent about and accountable for our positive and negative impacts and our contribution to society’s goals.