Unicaja has joined the United Nations Principles for Responsible Banking (PBR), a proposal of the United Nations Environment Programme Finance Initiative (UNEP FI). The Principles for Responsible Banking is a unique global framework to accelerate the transition to a sustainable financial industry, and is supported by financial institutions around the world.
The banks which join these Responsible Banking Principles (currently more than 300) not only commit to align their strategy and practices with the Sustainable Development Goals (SDGs) of the United Nations and the Paris Agreement, but also to incorporate sustainability in an integral and transversal manner in all their business areas and in their decision making, as well as to promote sustainable finance.
The objective is for the financial sector to assume a leadership role and contribute to support and accelerate the changes needed to achieve a more prosperous society for all and a better future for the planet, adapting its products, services and banking relationships to these criteria and implementing a culture of responsible banking.
Unicaja's CEO, Isidro Rubiales, highlighted the financial institution's commitment to sustainability and to the development of a sustainable economy, through the alignment of its strategy with these objectives that allow it to respond to social and environmental challenges.
He noted his conviction that joining the United Nations Principles of Responsible Banking and being a member of the United Nations Environment Programme Finance Initiative, together with other financial sector entities, "will enable Unicaja to contribute to the achievement of collective goals in both environmental and social matters".
World’s largest banking community
This initiative was launched in 2019 following an extensive consultation process completed together with 30 founding banks to address global challenges to the sustainability of the financial system. Aiming to bring vision and purpose to sustainable finance, this framework was designed with six principles: Alignment, Impact and Goal Setting, Customers and Clients, Stakeholders, Governance and Culture, and Transparency and Accountability, which signatory banks are required to integrate into all areas of their business, at the strategic, portfolio and transactional levels.
To this end, among other measures, entities are required to identify, assess and measure the environmental and social impact of their activities and services, set targets, reduce negative impacts and manage the resulting risks to people and their environment, as well as periodically report on their progress.
Through this systematic framework, the aim is for banks to establish a daily business practice and culture that engages their entire workforce and enables them to understand not only their role and responsibility, but also the risks and opportunities of the transition process towards a more sustainable economy.
In addition, signatories also commit to work responsibly with their customers to promote these sustainable practices and enable economic activities that contribute to the prosperity of current and future generations. They also commit to proactively and responsibly engage and partner with stakeholders to achieve these social goals.
This program, supported by financial institutions from around the world, constitutes the largest group of banks focused on a common goal: the development and promotion of sustainable finance, through the development and exchange of pioneering practices and tools that benefit the industry and society as a whole, by extension.
Unicaja’s Sustainability Policy
Unicaja's adherence to the Principles of Responsible Banking is part of its sustainability policy, under which its business and corporate strategy is adapted to environmental, social and governance (ESG) criteria.
All this also allows Unicaja to respond to its commitment to the achievement of the Paris Agreement, the UN Global Compact Principles, the 2030 Agenda and the Sustainable Development Goals, as well as other initiatives that the entity has joined in this area.