HBL joins the net-zero banking alliance
HBL, one of the leading banks, has officially become a signatory
to the UN Principles for Responsible Banking, a comprehensive framework for
fostering sustainability within the global banking industry. This initiative is
a result of a collaboration between banks across the world and the United
Nations Environment Programme Finance Initiative (UNEP FI).
As part of its commitment as a signatory to the Principles
for Responsible Banking (PRB), HBL has also decided to join the Net-Zero
Banking Alliance (NZBA). The NZBA is a united effort by banks worldwide
convened by the United Nations. Its mission is to align lending and investment
portfolios with achieving net-zero emissions by 2050, with interim targets set
for 2030 or earlier, in line with the ambitious goals of the Paris Climate
Agreement.
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The Principles for Responsible Banking represent the
foremost framework for sustainable banking globally. Through these principles,
banks take concrete steps to align their core strategies, decision-making
processes, lending activities, and investments with the UN Sustainable
Development Goals and international agreements, including the Paris Climate
Agreement.
Under these principles, signatory banks identify and measure
the environmental and social impacts arising from their business operations,
set and act on targets where they can make the most substantial impact, and
regularly report their progress to the public.
The NZBA serves as the climate accelerator for the PRB, with
over 130 member banks from more than 40 countries. These banks represent
approximately 41% of global banking assets, totaling USD 74 trillion. The NZBA
acknowledges the pivotal role of banks in supporting the worldwide transition
to a net-zero emissions real economy. It assists members in designing,
establishing, and achieving credible science-based net-zero objectives that
align with the objective of limiting global temperature rise to 1.5 °C.
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HBL takes pride in joining hands with peers in the banking
industry and assumes a leadership role in showcasing how banking products,
services, and relationships can contribute to and expedite the necessary
changes to attain shared prosperity for both current and future generations.
This endeavor aims to create a better future for both people and the planet, in
line with the collective efforts outlined by the NZBA to reach net-zero
emissions by 2050.
HBL eagerly anticipates collaboration with the largest
global banking community dedicated to sustainable finance. Together, they will
work on practical guidance and pioneering tools beneficial to the entire
industry.
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This is an extraordinary journey, undertaken on an
unparalleled scale and scope, at a time when such ambition is urgently needed
to address pressing global challenges, including climate change, loss of
biodiversity, pollution, and societal concerns. Through these combined
endeavors, profitability and purpose will go hand in hand.
Muhammad Aurangzeb, President & CEO of HBL, shared his
thoughts on the initiative, saying, "We are championing sustainable
practices within the HBL community and the financial services sector. HBL is
aligning itself with the goals outlined in the AKDN Environment and Climate
Change Commitment, with a vision of achieving a Net Zero goal by 2030."
He added, "By committing as signatories to NZBA &
PRB, we are establishing a new benchmark for sustainable banking in Pakistan.
UNEP FI's expertise and resources are pivotal in helping us attain our
ambitious goals, and we have confidence that our partnership will accelerate
the transition to a net-zero economy and contribute to building a more sustainable
future for all."
Source: Pro Pakistani