NIGERIA – Polaris Bank, a leading Nigerian bank, has announced that it has joined the United Nations and other leading banks across the world in championing for climate friendly and sustainable banking.

The bank in September this year agreed to become a founding signatory of the UNEP FI Principles for Responsible Banking as part of its commitment to climate action and sustainability.

The launch and signing ceremony of the UNEP FI Principles for Responsible Banking took place in September this year at the United Nations headquarters in New York, United States.

It was attended by the founding signatories comprising chief executive officers of leading banks in the world.

The Managing Director/ Chief Executive Officer, Polaris Bank, Tokunbo Abiru, who was among the bank executives at the signing ceremony, disclosed why Polaris was a founding signatory.

He said that the bank decided to become a Founding Signatory of the UNEP FI Principles for Responsible Banking out of the need to have and practice tenets, values and principles that enable it as a financial institution to exist and excel amidst constant market changes.

“We believe that responsible business practices or principles are not just the right choice, but the only choice,” added Abiru.

“knowing this will ensure long-term societal investments needed for sustainable development; contribute to financial stability and guarantee the success and continuity of the economy.”

Abiru further added that the bank had Over the years collaborated with both government agencies and Non-Governmental Organisations to fight tropical diseases.

He also revealed that the bank had continually provided financial education to Nigerians across all levels of financial literacy.

The UNEP FI Principles provide the framework for a sustainable banking system, and help the industry to demonstrate how it makes a positive contribution to society.

According to UNEP, the principles will play be crucial role in accelerating the banking industry’s contribution to achieving society’s goals as expressed in the Sustainable Development Goals and the Paris Climate Agreement.

The launch and signing ceremony was attended by the UN Secretary-General and by more than 45 CEOs of leading banks globally.

UNEP says that the Principles for Responsible Banking were launched by 130 banks from 49 countries, representing more than USD47 trillion in assets