Have you heard of the UN Principles for Responsible Banking? If not, than you are not alone; unfortunately, the media sector has not covered this remarkable change in banking perspective and operations all that much. So we did some research and outlined all the principles of responsible banking in this article.
In September, during the UN’s annual general assembly in New York, not far from Wall Street, The Principles for Responsible Banking were born! 130 banks from 49 countries were represented by roughly 50 CEOs from the global banking industry. Among these were banks such as Barcleys, BNP Paribas, CiB or Citi Bank. What a get-together!
The severe financial crisis of 2008/2009 demonstrated more than clearly that there was need for change. Major banks all over the world had practically gambled away trillions of dollars in the US housing market and had thereby caused one of the biggest financial meltdowns in history. It took almost 10 years, but the general nature of the industry seems indeed to make large scale improvements!
“The UN Principles for Responsible Banking are a guide for the global banking industry to respond to, drive and benefit from a sustainable development economy.” – UN Secretary-General Antonio Guterres
What the banks now realize is that their operations, their businesses and their profits are directly linked to the societies surrounding them; if society thrives, then so will the banks. And the sector does have the means and the power to really shift things into a more positive direction.
These are the six core principles:
Imagine the future impact
Now, think that some of the most influential and wealthy banks in the world have signed up on this! We are talking more than 45 trillion USD in assets! This is money and investments that can really make a difference! Our societies’ views and expectations are changing and the financial sector is starting to listen.