Mexico’s banks will be promoting financial products and services that contribute to the fight against climate change, in compliance with the Sustainable Development Goals (SDGs) of the 2030 Agenda and the Paris Agreement.
This Thursday, the Association of Banks of Mexico (ABM) formalized its adhesion to the Principles of Responsible Banking of the Financial Initiative of the United Nations Program for the Environment (Unepfi for its acronym in English).
The organization that groups the banking institutions of the country announced that the Principles for Responsible Banking are part of a voluntary initiative launched in 2019 at the United Nations, to consolidate the first global framework that aims to incorporate sustainability in all areas of banking business.
With this, the ABM committed itself to promoting the adoption of sustainability policies among Mexican banks in all of their activities and to collaborating with Unepfi in strengthening capacities to comply with them.
In other words, banking institutions must align the commercial strategy with the objectives of sustainable development and the Paris Agreement; measure impacts and set goals; work with clients and users; engage with stakeholders; among others.
Daniel Becker, president of the ABM, highlighted that the banking sector recognizes that the adoption of these Principles will increase the positive effect of banking activities on society, the environment and the climate.
Since 2005, the Association has carried out relevant activities in this environment, such as the creation of a Sustainability Committee in 2007 and the launch of the Banking Sustainability Protocol in 2016.
Currently, more than 270 banks around the world, representing nearly 45% of the sector’s global assets, have joined this Initiative, which leads a banking community that makes positive contributions to society and the environment, informed the Executive Director of Unepfi, Eric Usher.