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Agricultural Bank of China Signed the UN Principles for Responsible Banking

2021-10-25

On October 13, 2021, the Agricultural Bank of China (ABC) officially signed the UN Principles for Responsible Banking (PRB) and became a member of the United Nations Environment Programme Finance Initiative (UNEP FI). By signing the Principles, ABC is making a solemn commitment to vigorously develop green finance and firmly support sustainable development, and taking a key step to achieve the goals of the “peak carbon dioxide emissions and carbon neutrality” and build the modernization in harmonious coexistence of human and nature with the power of finance.

 Officially launched at the United Nations General Assembly in 2019, the Principles for Responsible Banking were jointly developed by UNEP FI and a core group of 30 Founding Banks. The Principles require signatory banks to integrate six basic principles - alignment, impact, clients, stakeholders, governance, transparency and accountability - into all aspects of their operations, and through a series of documents such as implementation guidelines, ensure that signatory banks’ development strategies and business operations are aligned with the 2030 Agenda for Sustainable Development and the Paris Agreement, making the Principles a key international framework for commercial banks to shape the future of responsible banking. Up to now, more than 250 banks worldwide have signed the Principles for Responsible Banking, with combined assets accounting for over 40% of the total assets of the global banking industry.

 Signatory banks are required to undertake three key steps, in order to ensure effective implementation of the Principles and to continually upgrade their positive impacts and contributions to society.

 Step 1 - Impact Analysis: Analyze the impacts on society, environment, and economy, identify how to achieve the maximum positive impact, and reduce major negative impacts.

 Step 2 - Target-setting and Implementation: Set and endeavor to achieve specific goals that are measurable, attainable, and time-bound.

 Step 3 - Public Reporting: Report on how they have implemented the Principles for Responsible Banking, assess the progress, and conduct a report verification.

 As a responsible large state-owned bank, ABC always adheres to the concept of green and sustainable development, deeply implements the development plan of green finance, and earnestly follows the requirements related to Environmental, Social Responsibility and Corporate Governance (ESG), striving to become a leader in green finance.

 Looking ahead, ABC will continue to implement the spirit of President Xi Jinping’s important speech on green transformation and development, strongly support the high-quality development of green finance, promote the achievement of the UN’ Sustainable Development Goals, and contribute to the construction of a community of life for man and nature with the power of finance.

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