Hamburg Commercial Bank has become Signatory of UN Principles for Responsible Banking
Hamburg, October 14, 2020 - Hamburg Commercial Bank (HCOB) has signed the United Nations "Principles for Responsible Banking" (PRB) – a single framework for a sustainable banking industry developed jointly by banks worldwide and the United Nations Environment’s Finance Initiative (UNEP FI).
The principles stand for responsible banking and the alignment of the banking sector with the UN Sustainable Development Goals and the 2015 Paris Climate Agreement.
"As Hamburg Commercial Bank, we want to set a clear signal for climate protection and sustainability and we assume responsibility, therefore we have defined guidelines for our future actions in all our business segments. The signing of the 'Principles for Responsible Banking' is the next logical step for us in firmly anchoring these important future issues in the bank's DNA and supporting sustainable development in the economy," said Stefan Ermisch, CEO of Hamburg Commercial Bank.
For HCOB, sustainability means handling resources with care and respect and aligning its actions with ESG criteria (Environmental, Social, Governance "ESG"). Accordingly, new credit standards were defined for the entire lending business of the Bank and transparent exclusion criteria for countries and business areas were established. In this way, the Bank ensures that sustainability aspects are taken into account in all of its activities.
By signing the "Principles for Responsible Banking", Hamburg Commercial Bank has committed itself to the goals of UNEP FI and assumes responsibility. At the same time, it supports sustainability changes in the economy and in its client base. HCOB became involved in the financing of renewable energies early – more than 20 years ago – and has continuously expanded its expertise in this increasingly important sector. Today it is one of the established financiers for sustainable energy production in Europe. In future, Hamburg Commerical Bank will focus even more clearly on the sustainability and climate goals of the United Nations and expand its product range for clients and investors accordingly.
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