FINANCE - BANKS

Banks and sustainability

BIL signs the UN Principles for Responsible Banking



For Marcel Leyers, Chairman of BIL's Management Committee, BIL's commitment marks another decisive step in the bank's efforts to build a sustainable future. Photo: Verjus Simon/Maison Moderne

For Marcel Leyers, Chairman of BIL's Management Committee, BIL's commitment marks another decisive step in the bank's efforts to build a sustainable future. Photo: Verjus Simon/Maison Moderne

Banque Internationale à Luxembourg (BIL) officially becomes a signatory to the United Nations Principles for Responsible Banking, a unique framework for sustainable banking developed through a partnership between banks and the United Nations Environment Programme Finance Initiative.

By officially becoming a signatory to the UN Principles for Responsible Banking, BIL has made another step in its efforts to contribute to sustainable development and responsible finance. Recently, four funds from its BIL Invest range were awarded the ESG label by LuxFLAG.

The “Principles for Responsible Banking” provide a unique framework to ensure that the strategy and practices of signatory banks are in line with the vision that society has set out for its future in the Sustainable Development Goals and the Paris Climate Agreement. These principles form the main framework for aligning the banks' strategy and practices with the UN Sustainable Development Goals and the Paris Climate Agreement. Signatory banks commit to implementing ambitious sustainability strategies, embedding sustainability at the heart of their business and remaining at the forefront of sustainable finance.

A methodology and a network

In addition to a methodology, adherence to these principles allows “to join the world's largest banking community focused on sustainable finance in order to share best practices and develop innovative tools that will benefit the entire banking sector”, BIL explains in a statement.

“The UN Principles for Responsible Banking provide a framework for banks to systematically understand the risks and seize the opportunities arising from the transition to more sustainable economies. Signatories take on a leadership role, demonstrating how banking products, services and relationships can support and accelerate the changes necessary to achieve shared prosperity for both current and future generations,” the bank continued.

This story was first published in French on Paperjam. It has been translated and edited for Delano.