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CIMB Group Holdings Berhad announced its official membership of the United Nations’ (UN) Environment Programme Finance Initiative Principles for Responsible Banking (UNEP-FI).
CIMB Group is the only banking group in Malaysia and ASEAN to be a founding member of the sustainable initiative, together with 26 other leading banks from five continents and 19 countries.
The core UNEP-FI group, made up of 27 member banks, will help redefine the global banking industry’s role and responsibilities in shaping a more sustainable future by directing efforts to align with society’s goals as expressed in the UN’s Sustainable Development Goals, the Paris Agreement, as well as national and regional frameworks.
“As a leading universal bank in ASEAN, we have always perceived our role as going beyond providing great financial products and services.
“As such, we are pleased to play a more active and meaningful role in shaping our planet’s sustainable future by championing responsible banking globally.
“CIMB is fully committed to achieve UNEP-FI’s objectives to help transform global banking practices to ensure the industry creates a positive impact not just economically, but also socially and environmentally,” commented CIMB Group chief executive officer, Tengku Datuk Sri Zafrul Aziz.
“Our membership of the UNEP-FI also complements Bank Negara Malaysia’s Value-Based Intermediation strategy for the Islamic banking industry, as well as CIMB’s own ongoing initiative to embed sustainability into all aspects of our operations Group-wide, which will be a key focus area in our next mid-term growth plan,” he added.
UNEP-FI will also by setting the global benchmark for sustainable banking and driving ambition by requiring signatory banks to set goals for and report on their contribution to national and international social, environmental and economic targets to ensure accountability and transparency on banks’ impacts.
It will also challenge the banking industry to play a leading role in creating a more sustainable future.
As a member, CIMB will actively contribute towards the development of the Principles, the process of which involves consultation with stakeholders such as civil society organisations, banking associations, regulators and UN bodies.
The launch of the draft Principles for global consultation is planned during the UNEP FI Global Roundtable 2018 to be held on 26 November at Palais Brongniart, Paris, France.
