Principles promote environmental sustainability
Over 30 domestic and international financial institutions adopting the principles
Over 30 of Ireland’s leading domestic and international financial institutions are adopting a new set of principles which will help to promote environmental sustainability and mitigate climate change. The IBF Climate Change Principles for the Financial Sector were today launched jointly by the Minister for Energy, Communications and Natural Resources, Eamon Ryan TD, and by the Irish Banking Federation (IBF) President, Mike Ryan.
The principles reflect a commitment to support viable, clean and green energy projects in the future. They place Ireland in the vanguard of countries that promote the directing of investments towards a more sustainable and financially rewarding path.
Developed by an IBF working group, the Principles provide a ground-breaking, common framework within which each financial institution will seek to operate in support of climate change mitigation and environmental sustainability in accordance with its own commercial considerations. The Principles cover the following areas of activity:
Energy Financing – a new direction of investment in energy efficiency, clean energy technology and the carbon market;
Waste Management – investment in waste management infrastructure consistent with environmental sustainability;
Customer Services – helping our customers by offering products and services that encourage and support sustainability;
Operations Management – management of the institution’s own in-house policies and practices for a sustainable future.
Speaking at the launch, Minister Ryan said: “These Principles clearly demonstrate Ireland’s ability to take a leadership position in the financing of clean energy. Not only are they innovative and cutting-edge by international standards, but they will serve as a critical tool to help us change direction toward sustainable, productive and financially attractive investments. This new direction from Irish banks and their international colleagues will help our economy recover and help guarantee jobs in the future. I congratulate the IBF and its members for this proactive and important initiative and look forward to the Principles being widely applied.”
Expressing considerable satisfaction with the development of the Principles and that so many IBF-member institutions are adopting them, Mike Ryan, IBF President went on to state: “The success of these Principles will depend on how we, as financial institutions, apply them in our decision-making, but also on there being an appropriate legal, regulatory, fiscal and policy framework in place. To this end, there will need to be ongoing engagement between all of the relevant stakeholders and we are certainly very appreciative of the engagement we have had to date with Minister Ryan and his officials.” As part of the process of ongoing engagement with relevant stakeholders, the IBF has committed to review the Principles from time to time in order to reflect ongoing learning and emerging good practice. A copy of the IBF Climate Change Principles for the Financial Sector is available here.
Note to Journalists
The Irish Banking Federation (IBF) is the leading representative body for the banking and financial services sector in Ireland.
Further Information: Felix O’Regan, Head of PR and Public Affairs, IBF, tel. 6715311, 087 6481644