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Act of signing the Principles of Responsible Banking held on September 22 at the headquarters of the United Nations in New York

Social commitment

Bankia, an active player in the transition towards a sustainable and low-carbon economy

The entity, signatory of the UNEP FI Initiative, reaffirms its commitment to implement a responsible business model aimed at promoting sustainable development and contributing to the improvement of the environment and the fight against climate change.

Communication Bankia

By  Communication Bankia

Publish on 
24 September 2019 - 14:30

Bankia is a member of the United Nations Environment Programme Financial Initiative (UNEP FI), which was created with the aim of fostering the relationship between responsible banking and the development of a sustainable economy, both from a social and an environmental perspective.

In addition, the bank is one of the signatories to the Principles for Responsible Banking, which the United Nations has set up together with a working group of 28 banks around the world.

On 22 September 2019, CEOs and presidents of entities around the world ratified these principles at the United Nations General Assembly held in New York.

The sustainability of our project is based on a Responsible Management model that aims not only at economic profitability, but also social responsibility and respect for the environment.

José Ignacio Goirigolzarri
Chairman of Bankia

With this signing, Bankia has openly acknowledged its willingness to play an active role in generating a sustainable economy and in integrating environmental and social criteria into its operations. It also seals its commitment to adapt its business to the Sustainable Development Goals (SDGs) and the Paris Agreement on climate change.

“The sustainability of our project is based on a Responsible Management model designed not only for economic profitability, but also for social responsibility and respect for the environment. This management model is reinforced through our adherence to these Principles for Responsible Banking, which entail continuing our path towards a fairer economy, capable of transforming the environment and contributing to the Sustainable Development Goals and the UN 2030 Agenda", said the chairman of Bankia, José Ignacio Goirigolzarri.

Six principles and a firm commitment to a sustainable world

The Principles for Responsible Banking will lead the financial sector to assume its commitment to society, assessing climate and social risks and promoting the transition towards a low-carbon economy.

They are a roadmap for institutions to make public commitments to reduce negative impacts and set specific objectives to contribute to and align with the SDGs: 

  1. Commitment. Align business activities with the SDGs and the Paris Agreement on Climate Change.
  2. Impact. Expand positive effects, mitigate negative impact. Banks will concentrate their efforts on the areas where their impact is most significant.
  3. Customers. Work responsibly with customers to promote sustainable practices.
  4. Stakeholders. Involve and collaborate proactively with the relevant stakeholders to achieve these objectives.
  5. Governance and setting objectives. Set public objectives to correct any negative effects as well as amplify the positive ones to adapt them and contribute to the SDGs.
  6. Transparency and responsibility. Periodically review the individual and collective implementation of these Principles and report on the positive and negative impacts of the activity.

Adhering to these principles implies a firm commitment for the signatories. Institutions that continuously fail to comply with their requirements of transparency, goal-setting and demonstrating an adequate level of progress may be removed from the list of signatories.

José Sevilla (second from left) during the act of signing the Principles of Responsible Banking of the United Nations with 130 world banks.

What does it mean for Bankia to adhere to these principles?

UNEP FI has established a period of four years, from the signing of this commitment, for institutions to set specific and measurable objectives to reduce the negative impacts of their activity and report them.

In 2016, Bankia started working on this project and identifying specific challenges through the 2016-2018 Responsible Management Plan. For this reason, the bank's adherence to these principles further consolidates this commitment and confirms that the company is heading in the right direction.

Bankia’s 2019-2020 Responsible Management Plan paves the way for the decarbonisation of the economy and the alignment of the bank’s activity with the Sustainable Development Goals (SDGs).

This plan seeks to respond to three fundamental challenges that are important for the bank: preventing potential risks caused by Bankia’s activity in the social, environmental and good governance areas, supporting a management styles that can provide greater control over the processes and promoting a continuous improvement of the bank, responding to the expectations of all its stakeholders, offering sustainable products, services and advice to its customers.

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