Bank of Industry embraces United Nations Principles for Responsible Banking, becomes signatory
By Dele Ojo
The Bank of Industry has embraced the United Nations Principles for Responsible Banking, a single framework for a sustainable banking industry developed through a partnership between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI). This was affirmed recently by becoming an official Signatory to the UN Principles.
The Principles are the leading framework for ensuring that banks’ strategy and practice align with the vision society has set out for its future in the UN Sustainable Development Goals and the Paris Climate Agreement. Banks who have signed the Principles commit to be ambitious in their sustainability strategies, working to mainstream and embed sustainability into the heart of their business, while allowing them to remain at the cutting-edge of sustainable finance.
Over 250 banks representing over 40 percent of banking assets worldwide have now joined this movement for change, leading the way towards a future in which the banking community makes the kind of positive contribution to people and the planet that society expects. This is a journey of unprecedented scale and scope at a time when such ambition is urgently needed.
Mr. Olukayode Pitan, Managing Director/Chief Executive Officer, Bank of Industry, said, “We are honoured to be the first Development Finance Institution in Nigeria to commit to the UNEP FI Principles for Responsible Banking alongside other leading Development Finance Institutions (DFIs) in the international space. This global framework strengthens our approach to addressing the sustainable development challenges of our economy by critically analysing our market to identify pressing needs of our communities, environment & customers”
To him, the partnership, which is another pioneering effort for the Bank, is in line with its dedication to lead the Development Finance industry in Africa to improve the overall strategic impact of the organisation’s interventions towards environmental management, social development, industrialization, and poverty alleviation through sustainable finance.
Signatories to the Principles take on a leadership role, demonstrating how banking products, services and relationships can support and accelerate the changes necessary to achieve shared prosperity for both current and future generations, building a positive future for both people and planet. These banks also join the world’s largest global banking community focused on sustainable finance, sharing best-practice and working together on practical guidance and pioneering tools of benefit to the entire industry.
In line with Bank of Industry’s vision to be Africa’s leading Development Finance Institution transforming industries sustainably and operating under global best practices, the Bank is confident that these principles provide an opportunity for alignment with international standards for sustainable development, whilst lending credibility and authority to its institutional commitments. This action is also in line with the Bank’s sustainability strategy aimed at transforming lives and enterprise responsibly through sustained interventions in economic development, environmental protection, social impact, ethics, governance and partnerships; improving the world for generations to come.
“As Nigeria’s foremost Development Finance Institution, BOI stands as a driving force for sustainable development through investment across the nation. By the very design of our corporate strategy, we are positioned to be the leading development bank out of Nigeria promoting social, environmental and economic development through our business operations and activities. We are proud to join this important group of global banks facilitating sustainable finance,” Pitan added.
This is a journey of unprecedented scale and scope at a time when such ambition is urgently needed to address the major planetary crises of climate change, nature loss, pollution and social issues. Together, these collective efforts will ensure that profitability goes hand in hand with a sense of purpose.
The Bank has a mandate to transform Nigeria’s industrial sector by providing financial assistance for the establishment of large, medium and small enterprises; as well as to drive expansion, diversification and modernization of existing enterprises; and rehabilitation of ailing ones. This mandate is geared towards supporting projects with potential developmental impact, and the capability to generate considerable multiplier effects such as industrialization, job creation, and poverty alleviation, which would have significant positive effects on the socio-economic condition of Nigerians.
The Bank continues to support growth across various sectors including Agro and Food Processing, Creative Industries, Engineering and Technology, Healthcare and Petrochemicals, Oil and Gas, Renewable Energy and Solid Minerals; leveraging our state offices nationwide
The Principles were created in 2019 through a partnership between founding banks and the United Nations, and are designed to bring purpose, vision and ambition to sustainable finance. Signatory banks commit to embedding these Principles across all business areas, at the strategic, portfolio and transactional levels. Over 250 banks representing over 40% of banking assets worldwide have now joined this movement for change and embarked on their 4-year journeys of impact analysis, target setting and reporting.
United Nations Environment Programme Finance Initiative (UNEP FI) is a partnership between UNEP and the global financial sector to mobilize private sector finance for sustainable development. UNEP FI works with more than 400 members – banks, insurers, and investors – and over 100 supporting institutions – to help create a financial sector that serves people and planet while delivering positive impacts.
UNEP FI aims to inspire, inform and enable financial institutions to improve people’s quality of life without compromising that of future generations. By leveraging the UN’s role, UNEP FI accelerates sustainable finance.
The United Nations Environment Programme (UNEP) is the leading global voice on the environment. It provides leadership and encourages partnership in caring for the environment by inspiring, informing and enabling nations and peoples to improve their quality of life without compromising that of future generations.
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