SpareBank 1 SMN has committed to the UN's Principles for Responsible Banking
The UN’s new environmental initiative Principles for Responsible Banking was launched in New York last night Norwegian time. The purpose of the new principles is to contribute to the financial sector developing in line with the UN’s sustainable goals and the Paris agreement. SpareBank 1 SMN is one of five Norwegian banks to join this global initiative.
“The world is facing a significant readjustment in order to reach the climate goals by 2050. Climate change is a both a challenge for society and a threat to financial stability. Thus, climate change and the risk this represents is an important issue for SpareBank 1 SMN. As a responsible bank, we wish to be a driver and a facilitator for the necessary transition to a low-emission society,” says CEO of SpareBank 1 SMN, Jan-Frode Janson.
Specific obligations
The principles define the global standard for what it means to be a responsible bank, and will ensure that the banks create value both for the shareholders and for society. This is the first global framework to steer the integration of sustainability across all business units in a bank, from strategy to operations.
By signing the principles, banks will commit to reporting on the bank’s positive and negative effect on amongst other things, the climate. The banks commit to setting specific goals to handle the most important negative climate consequences, and to upscale the positive effects. In this way, banks are able to contribute to national and international climate- and sustainability goals.
Six principles
Here are the six principles for responsible banking which the banks commit to:
- Alignment: We will align our business strategy 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. We will focus our efforts where we have the most significant impact.
- Impact: We will continuously increase our positive impacts while reducing the negative impacts on, and managing the risks to, people and environment resulting from our activities, products and services.
- Clients and customers: We will continuously increase our positive impacts while reducing the negative impacts on, and managing the risks to,
people and environment resulting from our activities, products and
services. - Stakeholders: We will proactively and responsibly consult, engage and partner with relevant stakeholders to achieve society’s goals.
- Governance and target setting: We will implement our commitment to these Principles through effective governance and a culture of responsible banking, demonstrating ambition and accountability by setting public targets relating to our most significant impacts.
- Transparency and accountability: We will periodically review our individual and collective implementation of these Principles and be transparent about and accountable for our positive and negative impacts and our contribution to society’s goals.
Read the complete version of the principles for responsible banking here.
Sustainable bank
Since 2017, SpareBank 1 SMN has supported the UN’s sustainability work by endorsing UN Global Compact. Through this, the bank commits to working on continuous improvements within human rights, worker’s rights, the environment and anti-corruption.
SpareBank 1 SMN wish to contribute to creating value in society, through responsible banking that inspires confidence in people. Read more about how we work with sustainability here.
Trondheim, 23 September 2019
SpareBank 1 SMN sustainability contacts:
Head of Sustainability Jan-Eilert Nilsen ph 948 35 463
Director of Communications Hans Tronstad tlf 941 78 322