Spanish lender Bankia has signed the UN Principles for Responsible Banking raising to 130 the number of international banks supporting the global commitment to climate action and sustainability.
These international banks, signatories of the agreement, represent a volume of $47trn in assets, which accounts for a third of the global banking sector.
The global agreement requires banks to "publish and work towards ambitious targets" on six different principles, which line up with the UN Sustainable Development Goals.
It is important to assume a public commitment that highlights the need for a responsible business model focused on promoting sustainable development and contributing to improving the environment and combating climate change."
Under the umbrella of the Principles for Responsible Banking, banks commit to aligning their businesses with the commitments of the Paris Agreement on Climate Change and the Sustainable Development Goals (SDGs).
At the signing of the Principles, Bankia's CEO, José Sevilla, said: "We are very proud to be one of the first banks signing the Principles for Responsible Banking promoted by the United Nations.
"It is important to assume a public commitment that highlights the need for a responsible business model focused on promoting sustainable development and contributing to improving the environment and combating climate change."
Within the framework of the Principles for Responsible Banking, Bankia also signed the Collective Commitment to Climate Action, supported by 31 out of the 130 international banks signing the Principles a day earlier.
The 31 signatories of the commitment, with over $13trn in assets, pledged to "align (their) portfolios to reflect and finance the low-carbon, climate-resilient economy required to limit global warming to well below 2, striving for 1.5 degrees Celsius."
Sevilla said:"It is important to make a public commitment to highlight the need for a responsible business model focused on promoting sustainable development and contributing to the improvement of the environment and the fight against climate change."
The sustainability of the Bankia project is based on a Responsible Management model designed not only for economic profitability, but also for social responsibility and respect for the environment, the bank said in a note.
Recently, the entity joined the Dow Jones Sustainability Index (DJSI) Europe as one of the most sustainable companies in Europe.
In line with Bankia's commitment to responsible management, Bankia is included in other indexes such as the FTSE4Good Index, the Euronext Vigeo Eurozone 120 and the S&P Europe 350 ESG.