OTP Bank has become an official signatory of the UN Principles for Responsible Banking – a unique framework for sustainable banking developed through cooperation between banks around the world and the United Nations Environmental Finance Initiative Program (UNEP, FI). With this signature, OTP Banka also became the first and only bank in Serbia to be a member of the UN initiative, thereby committing to be consistent in its sustainability strategies, to work towards the adoption and implementation of sustainable practices as the basis of its business, while at the same time preserving sustainable finances at the highest level. More than 300 global banks have so far signed the UN principles for responsible banking
The UN principles for responsible banking represent the main framework that ensures the alignment of bank strategies and practices with society’s vision for the future, following the UN Sustainable Development Goals and the Paris Climate Agreement. According to these Principles, the signatory banks identify and measure the social and environmental impact of their business activities, set and work towards the fulfilment of goals in the areas where they have the most influence, but also regularly report to the public on their progress in this segment. The principles provide a basis by which banks can systemically understand the risks and take advantage of the opportunities arising from the transition to more sustainable economies.
“Signing the UN principles for responsible banking represents not only the ultimate but also a sincere confirmation of our commitment and focus on creating a positive impact in society and the community in which we operate. The principles of responsible banking precisely and systematically define the role and responsibility of banks in shaping a sustainable future, which is what we at OTP Banka stand for and what we have declaratively committed to with this signature. The leadership position on the local market, the tendency to be a regional leader in financing a sustainable and gradual transition to a low-carbon economy, but also support for cultural, scientific, sports and social projects of national importance and transparency in reporting naturally preceded the decision to become a signatory of the initiative that on the global level regulates and affirms it. We are honoured to be in the company of those who want to contribute to banking changing the world for the better,” said Predrag Mihajlović, CEO and President of the Executive Board of OTP Bank Serbia.
The special importance of the UN Principles for Responsible Banking is that they point to ways in which banking products, services and cooperation can support and accelerate the changes necessary to achieve shared prosperity for current and future generations. By joining this initiative, signatory banks are joining the largest global banking community focused on sustainable finance, sharing good practices, and developing guidelines and tools that benefit the entire industry.
Apart from being one of the leaders in the banking sector, OTP Banka actively participates in building a sustainable society and strives to be an example of responsible business. The Bank is particularly proud of its green platform, Generator LAB, under which existing and new sustainable, ecological, and inclusive projects are nurtured and developed, which have sustainability and innovation as a common component. The social and sustainable entrepreneurship fair Generator of Good Deeds and the Generator ZERO competition, the last two editions of which were dedicated to finding the best solutions for reducing the carbon footprint, gathered almost two hundred participants. As part of Generator LAB, the OTP Village project was launched, with which the bank contributes to the preservation of biodiversity in our country. By implementing innovative ways to achieve energy efficiency and through systemic support for social activism and initiatives in the fields of culture, sports, science, education and entrepreneurship, OTP Bank has positioned itself as one of the leaders of the green transition in the banking sector and a company whose socially responsible work has been awarded multiple times.
You can find the list of signatories of the UN Principles for Responsible Banking at the following link, and more information about the Principles of Responsible Banking is available on the website: www.unepfi.org/responsiblebanking