YES BANK And United Nations To Align Banking Sector With A Sustainable Future

YES BANK becomes the only Indian Bank, amongst the core group comprising of 26 leading banks from 5 continents and 19 countries, to work on alignment of global Banking sector with UN Sustainable Development Goals (SDGs) and Paris Climate Agreement. The bank will achieve this via global redefinition of banks’ purposes and business models.

YES BANK, as a member of the UN Environment Programme Finance Initiative (UNEP FI), believes that it is imperative for banks worldwide to reaffirm their purpose and realign their business practices for a sustainable future. Towards the same, the bank as a part of the core group convened by UNEP FI secretariat will outline global Banking principles instrumental to:

·Direct banks’ efforts and guide their alignment with society’s goals as expressed in the SDGs, the Paris Agreement, as well as national and regional frameworks

·Define global benchmark for responsible and sustainable banking

·Drive ambition by requiring signatory banks to set goals for and report on their contribution to national and international social, environmental and economic targets

·Ensure accountability and transparency on banks’ impacts

·Challenge the banking industry to play a pivotal role in creating a sustainable future

These Principles are critical to develop an umbrella framework that covers all aspects of sustainable banking.

Commenting on the initiative, Rana Kapoor, MD & CEO, YES BANK, “United Nations estimates that SDGs require USD 90 trillion investments till 2030, of which India’s annual requirement is to the tune of USD 960 billion. In order to meet this enormous financing requirement, the banking industry needs to adopt a ‘future now’ approach towards sustainable finance. YES BANK has been at the forefront of this transformative and disruptive movement, evident by its many first-of-its-kind innovations in sustainable finance. As the founding member of Banking Principles, the bank is paving the way for the sector in redefining its role towards achieving sustainable and inclusive development globally.” 

The process to develop the Principles will include consultation with a wide range of stakeholders such as civil society organizations, banking associations, regulators and UN bodies. The launch of the draft Principles for global consultation is planned during the UNEP FI Global Roundtable 2018 to be held on Nov 26, 2018 at Palais Brongniart, Paris, France.