Commercial International Bank-Egypt (CIB) participated in the first workshop organised by the United Nations Environment Programme Finance Initiative (UNEP FI) for the development of Banking Principles to include social and environmental responsibilities. These principles will be the first to align with the UN Sustainable Development Goals (SDGs) and the Paris Agreement on climate change, to lead the banking industry to daily sustainable operations.
CIB-Egypt is among 26 other global banking institutions from five continents committed to founding these principles. The existing principles for entities adopt sustainability, but there are no definite overarching principles to bring together and recognise the societal and sustainable development challenges facing the banking industry. In that regard, the Banking Principles derived from the UNEP FI will serve to capitalise on the influence that banks have on other industries, given their intermediary role as finance gurus in the market.
CIB has taken this initiative as part of its commitment to the UNEP FI, having been a member of the platform since 2015. The bank is also the first Egyptian financial institution to join the UNEP FI and to sign the Statement of Commitment, which asserts the members’ recognition of the importance of economic development with attention to human welfare and sustainable development goals.
“At CIB, we believe having environmental interests is the core of any sustainable growth. The bank continues to advance a bank-wide sustainability culture and mindset by considering the social, environmental, and economic impact in its daily operations,” said Hussein Abaza, CIB chief executive officer and board member.
In an official statement, the UNEP FI highlighted, “the process of developing the Principles will include consultation with a wide range of stakeholders, such as civil society organisations, banking associations, regulators, and UN bodies.” The launch of draft principles for global consultation is scheduled during the UNEP FI Global Roundtable 2018, to be held in France in November.