Here’s Why 1 CU Has Signed On With Principles for Responsible Banking

SWIFT CURRENT, Saskatchewan–Innovation Credit Union has become one of the founding signatories of the Principles for Responsible Banking, committing to strategically align its business with the Sustainable Development Goals.

Innovation CU

By signing the Principles for Responsible Banking, the credit union said it is joining a coalition of 130 banks worldwide representing over $47 trillion in assets in committing to taking on a crucial role in helping to achieve a sustainable future.

The Principles for Responsible Banking were launched during the United Nation’s General Assembly.

“The UN Principles for Responsible Banking are a guide for the global banking industry to respond to, drive and benefit from a sustainable development economy.  The Principles create the accountability that can realize responsibility, and the ambition that can drive action,” said UN Secretary-General Antonio Guterres at the launch event, which was attended by the 130 founding signatories and over 45 of their CEOs. 

Importance of Inclusion

As expressed in the Principles for Responsible Banking, Innovation said in a statement it is convinced “only in an inclusive society founded on human dignity, equality and the sustainable use of natural resources can our members thrive”. 

By signing up to the Principles, the credit union added it is committed to “using our products, services and relationships to support and accelerate the fundamental changes in our economies and lifestyles necessary to achieve shared prosperity for both current and future generations.”

By signing them, Innovation Credit Union said it is also committed to being transparent on both its positive and negative impact on people and planet.  Innovation will focus where it has the greatest impact – in its core business – and set, publish and implement ambitious targets to scale up positive and address any negative impacts in line with global and local goals. 

Core Purpose

“Responsible Banking is core to our Purpose,” said Innovation CEO Dan Johnson. “We are committed to doing the right thing with our profits for our members and communities to ensure social change.  The principles for responsible banking under the UNEP Finance Initiative are principles Innovation Credit Union not only believes in but works toward achieving daily.”

The Principles for Responsible Banking were developed by a core group of 30 Founding Banks through an innovative global partnership between banks and the UNEP Finance Initiative (UNEP FI). UNEP FI is the UN-private sector collaboration that includes membership of more than 250 finance institutions around the globe. 

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