TheCable

Polaris Bank has joined the United Nations and other banks from across the world to become a founding signatory of the UNEP FI Principles for Responsible Banking as part of its commitment to climate action and sustainability.

The launch ceremony took place at the United Nations headquarters in New York, United States.

Commenting on the development, Tokunbo Abiru, Polaris Bank’s managing director, said: “This momentous action to become a Founding Signatory of the UNEP FI Principles for Responsible Banking, is borne out of the need to have and practice tenets, values and principles that enable us as a financial institution to exist and excel amidst constant market change.

“We believe that responsible business practices or principles is not just the right choice, but the only choice, knowing this will ensure long-term societal investments needed for sustainable development; contribute to financial stability and guarantee the success and continuity of the economy.

“Over the years, we have collaborated with both Government agencies and Non-Governmental Organisations to fight tropical diseases, continually provide financial education across all levels through financial literacy and we have also taken steps to ensure our direct and indirect actions as a responsible Bank do not impact the environment negatively. Hence the alignment is a journey we have begun and are fully committed to.”

By signing the agreement, a total of 130 banks collectively holding $47 trillion in assets, or one-third of the global banking sector have promised to align their businesses with the goals of the Paris agreement on climate change and the sustainable development goals.

The UNEP FI is the UN-private sector collaboration that includes membership of more than 240 financial institutions around the globe.