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Karachi, 16 Oct 2023: Habib Bank Limited (HBL) has announced its official commitment to the UN Principles for Responsible Banking, a pioneering sustainable banking framework formulated by a partnership between global banks and the United Nations Environment Programme Finance Initiative (UNEP FI). In line with this pledge, HBL also joins the Net-Zero Banking Alliance (NZBA), underscoring its commitment to drive its lending and investment operations towards net-zero emissions by 2050, with interim targets set for 2030 or earlier.
The press release from Habib Bank Limited further details the UN Principles for Responsible Banking, which emphasize aligning banking activities with the UN Sustainable Development Goals and other international accords, such as the Paris Climate Agreement. Banks adhering to these Principles commit to evaluating and quantifying the environmental and societal ramifications of their operations. They then set, pursue, and transparently report on the targets addressing their most substantial impacts.
The NZBA acts as the climate catalyst within the framework of the Principles for Responsible Banking. Boasting a membership of over 130 banks from upwards of 40 nations, and managing approximately 41% of the global banking assets, which is equivalent to USD 74 trillion, the NZBA highlights the banks’ pivotal role in spearheading the transition to net-zero emissions. This initiative supports banks in formulating and meeting science-backed net-zero goals in line with keeping the global temperature rise under 1.5 °C.
By joining the ranks of global banking entities, HBL underscores its commitment to exhibit leadership in illustrating how banking services can foster and expedite necessary changes for sustainable futures for present and upcoming generations. This dedication aligns with the initiatives emphasized by NZBA for achieving net-zero emissions by 2050. HBL is poised to engage with the expansive global banking community that prioritizes sustainable finance, working collaboratively to develop innovative guidelines and tools for the betterment of the industry as a whole.
These ambitious endeavours come at a crucial time when the world grapples with profound challenges, including climate change, environmental degradation, pollution, and societal issues. These collective measures will ensure that the financial sector’s profitability aligns seamlessly with a higher purpose.
Muhammad Aurangzeb, President and CEO of HBL, commented on this significant step, asserting, “HBL is committed to infusing sustainable practices within our community and the broader financial sector. We are aligning our trajectory with the AKDN Environment and Climate Change Commitment’s vision of achieving a Net Zero target by 2030. By pledging our support to NZBA and PRB, we are establishing an unprecedented benchmark for sustainable banking in Pakistan. UNEP FI’s expertise is invaluable in our quest to achieve these lofty goals. Our collaboration is bound to expedite the shift towards a net-zero economy, sculpting a sustainable future for all.”
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