The Eurasian Development Bank (EDB) has become an official signatory of the UN Principles for Responsible Banking – a single framework for a sustainable banking industry developed by the United Nations Environment Programme Finance Initiative (UNEP FI) alongside banks worldwide.
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.
Under the Principles, signatory banks identify and measure the environmental and social impact resulting from their business activities, set and implement targets where they have the most significant impact, and regularly report publicly on their progress. The Principles provide a framework for banks to systematically understand the risks and seize the opportunities arising from the transition to more sustainable economies.
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 join over 300 banks focused on sustainable finance, sharing best-practice and working together on developing practical guidance and pioneering tools of benefit to the entire industry.
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.
EDB is taking this step of joining UN Environment Programme Finance Initiative since our mission and mandate are integrally linked with the sustainable development. The Bank is constantly performing an integrated testing of all sustainability-related processes, assessing the current level of implementation of ESG standards in its operations, exploring global best peer practices, reviewing internal documents and procedures, identifying gaps and potential areas for improvement.
Nikolai Podguzov, Chairman of the EDB Management Board, said: “We are very proud to be the first bank in Central Asia to commit to the UN Principles for Responsible Banking. At Eurasian Development Bank, we are promoting high ESG standards that leads to greater long-term sustainability and resilience in the face of future challenges. We have a successful track record of green, climate and impact-driven projects, aligned to the SDGs and the Paris Agreement. We are sure that EDB’s membership at UNEP FI will help to unlock long-term value to our shareholders, elevate clients’ sustainability profile and thus contributes to the socioeconomic achievements and impact in the Eurasian region, as well as provide for just transition to a low carbon and greener economy.” The Eurasian Development Bank is a multilateral development bank investing in Eurasia. For more than 18 years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries. The EDB's charter capital totals US $7 billion. Its portfolio consists principally of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing and mechanical engineering. The Bank adheres to the UN Sustainable Development Goals and ESG principles in its operations.
Additional Information: The Eurasian Development Bank (EDB) is a multilateral development bank investing in Eurasia. For more than 18 years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries. The EDB's charter capital totals US $7 billion. Its portfolio consists principally of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing and mechanical engineering. The Bank adheres to the UN Sustainable Development Goals and ESG principles in its operations.
UNEP Finance Initiative (UNEP FI) brings together a large network of banks, insurers and investors that catalyses action across the financial system to deliver more sustainable global economies. For more than 30 years the initiative has been connecting the UN with financial institutions from around the world to shape the sustainable finance agenda. They have established the world’s foremost sustainability frameworks that help the finance industry address global environmental, social and governance (ESG) challenges. Convened by a Geneva, Switzerland-based secretariat, more than 500 banks and insurers with assets exceeding US$170 trillion are individually implementing UNEP FI’s Principles for Responsible Banking and Principles for Sustainable Insurance. Financial institutions work with UNEP FI on a voluntary basis and we help them to apply the industry frameworks and develop practical guidance and tools to position their businesses for the transition to a sustainable and inclusive economy.
