22 CSOs call on Principles for Responsible Banking signatories to end financing for fossil fuel expansion & activities that violate human rights
"No more greenwashing: Principles must have consequences," 23 September 2019
Inclusive Development International joins 21 civil society organizations in calling on signatories to the new Principles for Responsible Banking (PRB) to commit to immediately end all financing for fossil fuel expansion and activities driving deforestation and human rights abuses...It also emphasizes the urgent need for PRB banks to fulfill all requirements of the UN Guiding Principles on Business and Human Rights (UNGPs), including by establishing or participating in UNGP-compatible grievance mechanisms.
The launch of the Principles for Responsible Banking (PRB), a bank-led initiative supported by the UN Environment Programme Finance Initiative (UNEP FI), is a welcome acknowledgement that the activities of the banking sector can have harmful social and environmental impacts, and that industry has a responsibility to prevent and address those impacts. But the new Principles are not sufficient to prevent harm or hold banks to account.
One hundred thirty participating banks have so far embraced the PRB, making a much-needed public commitment to align their financing with the Sustainable Development Goals (SDGs) and the Paris Climate Agreement...