A total of 130 banks, collectively holding USD 47 trillion in assets, have signed the Principles. In the Principles banks promise to strategically align their business with the goals of the Paris Agreement on Climate Change and the Sustainable Development Goals, and scale up their contribution to the achievement of both. By signing up to the Principles, banks said they believe that “only in an inclusive society founded on human dignity, equality and the sustainable use of natural resources” can their clients, customers and businesses thrive.
Triodos Bank’s CEO, Peter Blom, signed the Principles in New York. “We welcome the fact that so many banks have signed the Principles and recognise their role in society. It feels like a long-awaited moment that sustainability now takes centre stage within the financial sector. It is due time that banks take collective action for a better world. Not only are we in a climate emergency, there are also many global challenges to improve the lives for all.
The Principles challenge banks to take a critical look at the impact of their loans and investments, and not to solely base their decisions on risk and return. We see the Principles as an important milestone to accelerate the journey of banks towards a sustainable business model, even though this journey will be difficult at times. It is time we all act now.”
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Transparency and accountability are an important part of the initiative. Banks that sign up to the Principles must consult their stakeholders about the sustainable impact themes for the coming years. Banks will publicly set targets and report on their progress. Banks that continuously fail to meet transparency requirements, set adequate targets or demonstrate progress will face removal from the list of signatories.
With differentiated requirements for starter, intermediate and advanced banks on sustainability integration and detailed implementation guidance, the Principles provide an entry point for early stage banks while creating a race to the top among those most advanced.
For further information, please contact:
- T: 0117 311 0241
- T: 0117 311 0291 / 07817 413792
Notes to editor
About Triodos Bank
Founded in 1980, Triodos Bank has become a frontrunner in sustainable banking globally. As an independent bank that promotes responsible and transparent banking, it does not see any conflict between a focus on people and the planet and a good financial return. Instead it believes that they reinforce each other in the long-term.
Triodos Bank has banking activities in the Netherlands, Belgium, the UK, Spain, Germany and France as well as Investment Management activities based in the Netherlands but active globally. Triodos Bank co-founded the Global Alliance for Banking on Values (GABV), a network of 54 sustainable banks. Together these banks want to grow sustainable banking and its impact on the real economy substantially.
Triodos Bank UK Ltd is a wholly owned subsidiary of Triodos Bank NV. Registered Office: Deanery Road, Bristol, BS1 5AS. Registered in England and Wales Company No. 11379025. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 817008. VAT reg no 793493383.