Friday, 2 December, 2022

Support projects resilient to climate change

Experts urge bankers

  • Staff Correspondent
  • 12 November, 2022 12:00 AM
  • Print news

Experts at the closing ceremony of a conference have urged the bankers to provide value-based services supporting climate resilience projects for building a sustainable future for the people in Bangladesh and elsewhere in the world.   

Local and international analysts also emphasised the importance of declarations designed to tackle climate change and help facilitate the move towards net zero while addressing the closing ceremony of the conference on Thursday night, said a news release on Friday.  

Climate resilience is the ability to anticipate, prepare for, and respond to hazardous events, trends, or disturbances related to climate.

Global Alliance for Banking on Values (GABV) and Brac Bank jointly organised the 13th edition of the international conference of its kind at a city hotel.

Bankers placed data that many financial institutes continue financing the fossil fuel industry as ‘Finance Watch’ journal estimates that 60 of the largest global banks have around 1.35 trillion US dollar exposure to fossil fuel assets. 

In his speech, GABV Executive Director Martin Rohner said that banking is never neutral - institutions make decisions about what they finance and invest in, and these have major impacts on the shape of our collective future.   

“Over recent years, mainstream banks have increasingly positioned themselves around their social purpose and environmental goals. This rhetoric must be backed up by real commitments and action,” he said.

The conference focused on the theme ‘real impact behind the big words’ and the campaign focuses on how value-based banks mean what they say and deliver real impact.

At the global virtual panel discussion, the leaders vowed to create awareness about the risks of green washing and what it means to aim for real impact.

Brac Bank Managing Director Selim RF Hussain, USA Amalgamated Bank Chief Executive Priscilla Sims Brown and Bank Australia CEO Damien Walsh took part in the panel discussion.

Addressing the meeting, Selim RF Hussain said the financial institutions must work closely with the industries and show the long-term positive impact that inspires them to commit themselves to real action.

“Through the observance of banking on values day, we can disseminate the message to a larger audience and sow the seed of a sustainable banking movement in Bangladesh. Let us shape our vision and work together for the greater good and a better society,” he said.

Values-based banks have the ambition to put people and the planet at the centre of decision-making. With strong diversity in terms of size, business model, cultural contexts or markets they operate in, they have a goal in common; to use finance to meet their communities’ needs and create a positive impact.