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MNB joins UN Principles for Responsible Banking initiative

The National Bank of Hungary (MNB) on Tuesday said it joined an initiative of the United Nations establishing principles for banks to take climate action and support sustainability, state news wire MTI reports.

Image: Jessica Fejos

The MNB signaled its support for the U.N.ʼs Principles for Responsible Banking "to encourage more Hungarian lenders to make firm, public commitments, for which they may be held accountable, in the area of financing sustainable, green businesses" and sign the Principles Signature Document.

The principles include aligning business strategy with individual needs and social goals as expressed in the Paris Climate Agreement and relevant national and regional frameworks; increasing positive impacts and reducing negative impacts on people and the environment; encouraging sustainable practices among clients; engaging with stakeholders to achieve social goals; implementing commitment to the principles through effective governance; and reviewing implementation of the principles in the interest of transparency and accountability.

So far, 130 lenders have signed the principles, including a number with subsidiaries in Hungary, MNB noted.