"Garanti BBVA together with 25 banks under the United Nations roof, has been among the decision makers that come together to affirm a transformative vision and create a business model to lead the world's banking and finance sector for a sustainable future."
26 leading banks from 19 countries around the world, will prepare global principles to define the roles and responsibilities of the global banking sector for sustainable development and a better future. In the light of its national and international level successful sustainability practices, Garanti BBVA is the only bank from Turkey to be part of this global effort which will also be aligned with the UN Sustainable Development Goals (SDGs) and Paris Climate Agreement.
These principles prepared by the Core Group consisting of the UN Environment Program Finance Initiative (UNEP FI) member banks, aim to make a significant contribution to the targets of the UN Sustainable Development Goals and the Paris Climate Agreement through the banking system which constitutes one-third of global finance.
Ali Fuat Erbil: The genes of the banking sector will change
Garanti BBVA CEO Ali Fuat Erbil, has made the following statement regarding the subject:
"The Sustainable Development Goals have been designed as a guide by the UN until 2030 to create a sustainable future for the whole world. In order to realize these Global Goals, an investment of approximately USD 5 to 7 trillion is needed each year until 2030, including investments in infrastructure, clean energy, water and agriculture. We know that, the banking sector, constituting one-third of global finance, plays a critical role in solving the problems that our world may face today and in the future, and in making these investments in line with the SDGs. As Garanti BBVA, we continue our activities by believing that the banks, which finance the sectors that directly affect the sustainable future of our planet and humanity, bear great responsibility at this point. Along this line, we are taking a vital step with the world's leading 25 banks for the future of our world, our country and our children. We have begun to work on a road map that will contribute to the applicability of Global Goals in the banking and finance sectors all over the world and fighting climate change. Apart from the decisions that the banking sector has already made in this area, we will practically change the genes of the global banking sector with this global roadmap. In a sense, we will change the way we do business in banking with the Principles that we will define, leading banks committing to a more livable future with these principles, will declare that they take responsibilities such as responsible and sustainable work, disclosing their contributions to social, environmental and economic goals, compliance with accountability and transparency criteria. It is very important for us to be among the group that defines the principles of Sustainable Banking. We are very proud to be representing Turkey among the decision makers for our future, at the global level. We believe that these steps we have taken as Garanti BBVA will serve as a model and will encourage other actors in the sector.
Twenty-six banks, including Garanti BBVA from Turkey, have taken the first step to develop a set of global principles for the banking sector. Among the goals of the Global Banking Principles, priority is given to the harmonization of banking operations with the sustainability goals of the community in the national and regional context. The to-be-determined Principles will also invite banks to assume a leading role for a sustainable future. These targets include setting global cornerstones for responsible and sustainable banking, and setting targets by the signatory banks to contribute to the social, environmental and economic goals of the national and international arenas. One of the fundamental elements that form the basis of the principles is disclosing how compliant you are with these targets and your impact in line with accountability and transparency principles The Principles, setting out ambitious targets, will be defined based on an accountability framework which will assure the continuous contribution and leadership of the signatory banks.
Global banking Principles to be announced in November
The banks, which held the first meeting with the participation of Garanti BBVA, will also engage with a broad range of stakeholders such as non-governmental organizations, banking associations, regulatory bodies and UN bodies during the preparation period. The draft Principles will be announced worldwide at the Global Roundtable meeting of the UNEP FI, which will take place on November 26, 2018 in Paris.
The Core Group banks and their countries that will create a roadmap for the global banking and finance sector are: Garanti BBVA from Turkey, Barclays from UK, Hana Financial Group and Shinhan Financial Group from south Korea, ING and Triodos Bank from Netherland, Societe Generale and BNP Paribas from France, Westpac from Australia, ICBC (China Industry and Commercial Bank) from China, Nordea from Sweden, Bradesco from Brazil, BBVA and Santander from Spain, Piraeus Bank from Greece, Land Bank, First Rand and Standard Bank from South Africa, Yes Bank from India, Banorte from Mexico, Access Bank from Nigeria, Arab African International Bank (AAIB) and Commercial International Bank (CIB) from Egypt, Banco Pichincha from Ecuador, Golomt Bank from Mongolia and Kenya Commercial Bank (KCB) Group from Kenya.