Bank of Cyprus signs UN Principles for Responsible Banking
Press Release 10:48 - 06 December 2023
Bank of Cyprus has become an official signatory of the UN Principles for Responsible Banking – a single framework for a sustainable banking industry developed through a collaboration between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI).
The Principles are the leading framework for ensuring that banks’ strategies and practices align with the vision society has set out for its future in the UN Sustainable Development Goals and the Paris Climate Agreement. Banks that have signed the Principles commit to being ambitious in their sustainability strategies, working to embed sustainability into the heart of their businesses, while allowing them to remain at the cutting-edge of sustainable finance.
Under the Principles, signatory banks identify and measure the environmental and social impact resulting from their business activities, set and implement targets where they have the most significant impact, and regularly report publicly on their progress. The Principles provide a framework for banks to systematically understand the risks and seize the opportunities arising from the transition to more sustainable economies.
Signatories to the Principles take on a leadership role, demonstrating how banking products, services and relationships can support and accelerate the changes necessary to achieve shared prosperity for current and future generations, building a positive future for both people and the planet. These banks also join the world’s largest global banking community focused on sustainable finance, sharing best-practice and working together on practical guidance and pioneering tools of benefit to the entire industry.
The endorsement of the Principles for Responsible Banking by Bank of Cyprus, is fully aligned with and reinforces its strategic priority to become a market leader for sustainable banking and lead the transition of Cyprus to a sustainable future, the bank said in a press release. It added that it aims not only to deliver financial but also environmental and social value to its stakeholders. As such, it said, its approach is multidimensional: to maintain its leading role in supporting Cypriot society; to implement its commitments to these Principles through effective governance and a culture of responsible banking; to reduce its own environmental footprint as well as supporting its customers to reduce their carbon emissions and to continue supporting its staff by providing training and upskilling opportunities as well as staff wellness initiatives.
“As we join 338 signatory banks worldwide, representing approximately US$ 98.7 trillion of total assets, we invite our stakeholders and clients to join us in this endeavor, ensuring our collective efforts lead to a sustainable and purposeful future,” the bank said.
Panicos Nicolaou, CEO of Bank of Cyprus, said: ‘We are very proud to be the first bank in Cyprus to commit to the UN Principles for Responsible Banking. Our 'Beyond Banking' philosophy applies a sustainability lens to our operations to ensure that we contribute to environmental protection as well as efforts to strengthen social cohesion, and that we have effective governance in place to ensure implementation. By endorsing the Principles for Responsible Banking, we reaffirm our strong commitment to sustainability and to amplifying our efforts in order to create long-term value for all of our stakeholders.’
Click here for more information on the Principles for Responsible Banking: www.unepfi.org/responsiblebanking