Sweden pledges extra $19m in Loss and Damage Fund
Sweden pledges additional $19 million to the Loss and Damage Fund at the 29th United ...
Al Baraka Banking Group 1st Islamic, West Asia bank to ink UN’s new Principles for Responsible Banking
Al Baraka Banking Group becomes the first bank in the West Asia region to officially sign the new Principles for Responsible Banking, which were developed through an innovative global partnership between banks and the United Nations Environment Program Finance Initiative (UNEP FI). By committing to these principles, Al Baraka is also the first in the Islamic banking sector to do so.
Launched last month ahead of the UN Climate Action Summit in New York, the Principles for Responsible Banking provide the framework for a sustainable banking system and establish best practices that will assist banks in creating and demonstrating positive impact within their communities and society at large.
“Joining the Principles for Responsible Banking shows the commitment from Al Baraka Banking Group to climate action and sustainability for the people of Bahrain, the region, and further” said Sami Dimassi, UNEP regional director for West Asia. “The first bank from the region to commit to the Principles, the bank will focus where it has the greatest impact — in its core business — and set, publish and implement ambitious targets to promote positive impact in line with global and local goals.”
Keeping with the bank’s goals, Al Baraka pledged $197 million for 2019-2020 in support of renewable energy and energy efficiency projects in the bank’s operating countries, including Jordan, Bahrain, Syria, Iraq, Lebanon and Saudi Arabia from the West Asia region.
“We are very excited see the Principles of Responsible Banking being adopted globally. Our huge thanks and congratulations to the UNEP/UNEP-FI teams for their dedication and leadership for articulating the Principles for the global banking industry” said Adnan Ahmed Yousif, Al Baraka Banking Group’s president and chief executive officer.
“We are also excited about the Principles as they are aligned with our commitment to sustainable banking and finance. We launched the Al Baraka Goals (2016-2020) in November 2015 precisely for the reasons articulated in the Principles and we are absolutely delighted to see the trend scaling up in the banking industry” he added.
Al Baraka Banking Group’s history with the UNEP regional office in West Asia, stems from a series of productive engagements that saw the bank enter a strategic partnership through a memorandum of understanding in May 2019.
UN Environment Program urges other banks in the region to align with the Principles for Responsible Banking and work with the UNEP Regional office for West Asia to achieve the Sustainable Development Goals and the Paris Climate Agreement.
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