İşbank signs for a sustainable future
İşbank signed the Principles for Responsible Banking (PRB) launched by the United Nations Environment Programme Finance Initiative (UNEP FI).
Principles for Responsible Banking, aiming to align the banking sector with the United Nations Sustainable Development Goals and the Paris Climate Agreement, not only define the roles and responsibilities of the sector in building a sustainable future but also offer the sector a comprehensive framework that regards sustainability at all levels and in every field of activity.
Adnan Bali, İşbank CEO, stated that signing of the Principles for Responsible Banking demonstrated their commitment to keep contributing to sustainable development and global climate goals. Bali underlined that having played a crucial role in Turkey's economic development throughout its 96-year history, İşbank serves with its vision of becoming the bank of the future, creating sustainable value with an inclusive and participatory approach. He emphasized that the Bank uses its resources in accordance with the priorities of the country’s economy while simultaneously adopting an approach that is respectful and compassionate towards the society, people, and the environment.
Bali also stated that they attach special importance to their sustainability activities, as a means of ensuring consistent support for the economy, sustainable development, and the society. “Every year, we carry our responsible banking notion, which is based on our deep-rooted corporate culture, even further, with the confidence derived from our financial size and expertise.In this context, we have been fulfilling the commitments of the United Nations Global Compact, of which we have been a signatory since 2012. Likewise, we have been supporting sustainable development by financing feasible projects that favour social benefit, through the Environmental and Social Risk Evaluation Tool, which we have started to use in certain lending processes since 2012. Appreciating the principal role of the banking sector in transitioning to the low carbon economy, we are boosting our financial support for renewable energy projects and expanding the product diversification in this area. Hence, as of the end of June 2020, renewable energy projects accounted for 67% of our total energy generation projects. We are delighted to be a member of the United Nations Environment Programme Finance Initiative and sign the Principles for Responsible Banking, by adding a new dimension to our responsible banking approach."
Principles for Responsible Banking
Principles for Responsible Banking set a roadmap for the banking sector, which constitutes two-thirds of global finance worldwide, to attain the goals of sustainable development and a better future. They also present the basic framework for the sustainable banking system of the future. Defining and shaping the place of the banking sector within the society and economy of the 21st century, the Principles aim to maximize the impact of the sector in achieving the goal of a sustainable and prosperous future for all societies.
Principles for Responsible Banking include the following:
• Alignment: Aligning business strategies to be consistent with and contribute to individuals’ needs and society’s goals, as expressed in the Sustainable Development Goals, the Paris Climate Agreement and relevant national and regional frameworks.
• Impact and target setting: Continuously increasing positive impact while reducing the negative impacts resulting from activities, products and services as well as the associated risks for people and the environment. To this end, setting and publishing high-impact targets.
• Clients and customers: Working responsibly with clients and customers so as to encourage sustainable practices and enable economic activities that create shared prosperity for the current and future generations. Stakeholders: Consulting and engaging with relevant stakeholders in a proactive and responsible way so as to achieve social goals.
• Governance and culture: Implementing commitment to the Principles through effective governance and a culture of responsible banking.
• Transparency and accountability: Periodically reviewing the individual and collective implementation of the principles and being transparent about positive and negative impacts as well as the contribution to society’s goals.