Banks adopt new UN-backed sustainability principles

International banks have signed up to new United Nations-backed responsible banking principles.

Representing a third of the industry, with more than $47 trillion in assets, the banks have committed to strategically align their business with the goals of the Paris Agreement on Climate Change and the UN Sustainable Development Goals (SDGs).

By signing up to the Principles, banks said they will among other goals, aim to “increase our positive impacts, while reducing the negative impacts, and managing risks to people and the environment from our products and services.”