Six Norwegian Banks Commit to UN Principles for Responsible Banking

Six Norwegian banks have signed up to United Nations charter for sustainable banking which was launched in New York last week.

In total, 131 banks with more than $47tn in assets, or a third of the global industry, signed up to the charter which, the UN says, provides a ‘massive boost for climate action and the shift from “brown to green” models of economic growth’.

The Principles of Responsible Banking oblige banks to conduct their business in accordance with the UN’s 17 Sustainability Goals and the climate goals of the Paris Agreement.

The principles should guide the banks to the most sustainable operation possible. And banks commit to being transparent about how their operations affect customers, investors and society.

Local Norwegian Bank is Exemplary

There are six banks from Norway: Fana Sparebank, DNB, KLP Banken, Sparebank1 SR, Sparebank1 Østlandet, Sparebank1 SMN.

Six Norwegian banks have committed themselves to the UN Principles for Responsible Banking. But small local bank Fana Sparebank in Bergen makes a difference.

Together with the Nordic bank Nordea, Fana Sparebank is the only Norwegian bank, among 31 banks, which has taken the step further. They have signed a collective commitment to climate action .

-This agreement requires banks to set specific climate targets that they must reach and report on each year.The agreement means that we will now go through all the bank’s activities and products and make sure that they have a positive effect on the environment. We must also cut off all financing in environmentally problematic businesses. I can promise that there will be many exciting, new and sustainable products, says FANA Sparebank director Lisbet K. Nærø to NRK.

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