LBA endorses UN Principles for Responsible Banking
The Liechtenstein Bankers Association (LBA) today signed the United Nations Principles of Responsible Banking (PRBs), becoming a stakeholder endorser to join the 220+ banks and 60+ other stakeholders in support of this effort. The PRBs were developed and launched in September 2019 and facilitated by the United Nations Environment Programme Finance Initiative (UNEP FI). The PRBs set the global benchmark for defining a responsible bank. They are strategically aligned with the Paris Climate Agreement and the Sustainable Development Goals and designed to provide a framework for a sustainable banking system. By endorsing the PRBs, the LBA is demonstrating its clear commitment to a banking sector that aligns with the vision for society, people and planet described in the SDGs.
Policymakers, regulatory authorities and industry organizations are seeking to advance sustainable development goals across the financial services ecosystem. There is industry-wide recognition that sustainability programs will benefit individuals, businesses and society. As such, the banking industry is increasingly making commitments to implement best practices that encourage responsible banking for employees and investors alike. The six principles provide a road map for the banking industry to embed sustainability at the strategic, portfolio and transactional levels and across all business areas.
As the voice of all Liechtenstein banks with a clear focus on cross-border private banking and hence serving clients all around the world, the LBA is well positioned not only to support banks’ efforts in meeting the key aspects of the PRBs, but also to act as a facilitator and multiplier in the transformation to a more sustainable future. To date, three major banks out of the 11 member banks – LGT, VP Bank and Kaiser Partner – have already signed the PRBs. The LBA is determined to further promote the PRBs within its networks, support their implementation and encourage banks to become signatories.
Simon Tribelhorn, CEO of the LBA, says: “Banks are at the centre of sustainability. Our commitment to the PRBs reflects the focus of us and our members towards becoming more sustainable and incorporating sustainability into everything we do in order to drive long-term value and growth in the market while making a positive contribution to society. It is a logical next step after we already became a member of the international network FC4S in 2018.”