Polaris Bank has joined the United Nations, and other leading banks 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 and signing ceremony of the UNEP FI Principles for Responsible Banking took place on Sunday at the United Nations headquarters in New York, United States where the Founding Signatories, comprising CEOs of leading banks in the world, converged.

Polaris Bank Managing Director/CEO, Tokunbo Abiru, who was among the Bank CEOs at the signing ceremony, disclosed why Polaris is a founding signatory: “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 changes.”

“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,” said the top banker.

Additionally, Mr Abiru noted that, “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.”

A total of 130 banks collectively holding $47 trillion in assets, or one third of the global banking sector have coalesced to sign the UNEP FI Principles for Responsible Banking and by implication, promise to strategically align their businesses with the goals of the Paris Agreement on Climate Change and the Sustainable Development Goals.

The Principles are supported by a strong implementation framework that defines clear accountabilities and requires each bank to set, publish and work towards ambitious targets. By creating a common framework that guides banks in growing their business and reducing risks through supporting the economic and social transformation required for a sustainable future, the Principles pave the way for the transformation to a sustainable banking industry.

The Principles for Responsible Banking were developed by a core group of 30 Founding Banks through an innovative global partnership between banks and the UNEP Finance Initiative (UNEP FI). UNEP FI is the UN-private sector collaboration that includes membership of more than 240 finance institutions around the globe.

Polaris Bank is a customer-centric bank positioned to deliver industry-defining products, services and platforms across all the key market segments.