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Standard Bank, ICBC joins to set global sustainable banking standards



Standard Standard and the ICBC joined each other to set global sustainable banking standards. Photo: After Delivery

TREF CAPE – China's Industrial and Commercial Bank (ICBC), the world's largest bank by assets, and Standard Bank, the largest bank in Africa by assets, has joined 26 banks from around the world to develop Principles for Responsible Banking.

As led by the UN Environment Program Finance (UNEPI) initiative, this initiative aims to provide clear and specific guidance to banks on incorporating sustainability in their businesses.

The draft Principles for Banking Responsible, launched on November 25 in Paris, will provide one comprehensive framework that will guide banks on sustainable lending practices and processes.

Signatories banks are expected to integrate social and environmental considerations and effects in their business processes, lending practices and reporting.

ICBC and Standard Bank have included the development of the Principles of the beginning of the process in April 2018. At least 28 leading and global leading banks – from 129 UNEPFI banks – formed a group core to navigate & process.

ICBC President Shu Gu said: "As we celebrated 10 years of successful partnership between ICBC and Standard Bank, we continue to work towards incorporating new methods of measuring social, economic and environmental impacts to our strategy and & # 39 ; n ways of working.

Wider effects

"The Global Principles for Responsible Banking encourage banks to think hard about our wider impacts – both negative and positive – on the societies and the environments in which we live and work, and to integrate this idea into our decisions and contribute to achieving the goals of the society as expressed in the Sustainable Development Goals and the Paris Climate Agreement. "

Sim Tshabalala, chief executive of Standard Bank Group, said: "In the year that Standard Bank and ICBC celebrate 10 years of joint working, our joint contribution to developing these Responsible Banking Principles is notable. We draw up the Principles in a way that recognizes the needs and opportunities of Africa and African.

"We understand that the sustainability of our business is closely linked to the prosperity and well-being of the societies in which we operate. The UNEP Principles for Responsible Banking will help us to focus our efforts on creating value for & Business in a way that also creates value for the societies where we operate. We will use UNEP's IF Principles to guide our journey. "

The Principles are intended to help banks play an essential role in shaping and financing a sustainable future, and in this way, rebuilding trust with society. Of course, there is transparency and accountability at the center, with signatories banks waiting to identify priority areas where they can have the most positive impact in contributing to achieving the Sustainable Development Aims, and over time to set targets to achieve & These are. Signatories will also be required to give a public report on the progress made

The Principles will be launched for a global public consultation on November 26th in the UNEP Worldwide Roundtable Board in Paris. The Principles will be formally launched and signed by the first set of banks in September 2019 in the UN General Assembly.

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