BBVA signs UN Principles for Responsible Banking

Eugenia Jiménez
clock
BBVA signs UN Principles for Responsible Banking

Spanish lender has signed the UN Principles for Responsible Banking, joining the group of 140 banks that pledged on Sunday to help develop a more sustainable economy through their role as financial intermediaries.

The agreement requires banks to "publish and work towards ambitious targets" on six different principles, which line up with the UN Sustainable Development Goals.

BBVA Group executive chairman Carlos Torres Vila, said: "The Principles for Responsible Banking are our collective response to align the banking business with long-term goals that integrate social and environmental challenges.

These principles will definitely help us to become better banks and reinforce the sustainability of the whole financial system. The future of finance is financing the future," BBVA Group's executive chairman Carlos Torres

"These principles will definitely help us to become better banks and reinforce the sustainability of the whole financial system. The future of finance is financing the future."

UN Secretary General Antonio Guterres, added: "The UN Principles for Responsible Banking are a guide for the global banking industry to respond to, drive and benefit from a sustainable development economy. The Principles create the accountability that can realize responsibility, and the ambition that can drive action."

BBVA is one of the 30 founders of the Principles for Responsible Banking unveiled in Paris in November 2018.

Following a public consultation period that saw over 500 stakeholders contribute their feedback, drawing interest from a gradually increasing number of banking institutions, the Principles for Responsible Banking aim to align the financial sector with the UN Sustainable Development Goals and the Paris Climate Agreements.