LANGLEY, B.C. – As a continuation of its firm commitment to responsible environmental, social and governance practices, First West Credit Union and its divisions Envision Financial, Valley First, Island Savings and Enderby & District Financial have become an official Signatory of the UN Principles for Responsible Banking (UN PRB) – a single framework for a sustainable banking industry developed through a partnership between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI).
The UN PRB consists of six principles that align with the vision society has set out for its future through the UN Sustainable Development Goals and the Paris Climate Agreement. Financial institutions who have signed the Principles commit to be ambitious in their sustainability strategies, working to embed sustainability into the heart of their business, while allowing them to remain at the forefront of sustainable finance.
“When you consider our co-operative values— the same values that have always guided our decisions— signing onto the UN PBR was perfectly aligned with our mission of helping our members and communities thrive,” says Launi Skinner, CEO at First West Credit Union. “The time for action is now and we are proud to be joining a global banking community that is focused on sustainable finance to ensure we use our business as a force for good, now and into the future.”
Under the Principles, signatory banks measure the environmental and social impact resulting from their business activities, set and implement targets where they have the most significant impact, and regularly report publicly on their progress. The Principles provide a framework for financial institutions to understand the risks and seize the opportunities arising from the transition to more sustainable economies.
Signatories to the Principles take on a leadership role, demonstrating how banking products, services and relationships can support and accelerate the changes necessary to achieve shared prosperity for both current and future generations, building a positive future for both people and planet.
First West is the third credit union in Canada to sign the UN PBR. This announcement comes in the wake of First West releasing its second annual ESG Rating through Morningstar Sustainalytics earlier this month. For more information on the Principles for Responsible Banking: www.unepfi.org/responsiblebanking