Congressional Bank, which recently announced its intent to rebrand as Forbright Bank, has become an official Signatory of the UN Principles for Responsible Banking – 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). Forbright is among only seven U.S. banks to sign onto the UN Principles.
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The Principles are the leading framework for ensuring that banks’ strategy and practice align with the vision society has set out in the UN Sustainable Development Goals and the Paris Climate Agreement. Banks that have signed the Principles commit to be ambitious in their sustainability strategies, working to mainstream and embed sustainability into the heart of their business while taking a place at the cutting-edge of sustainable finance.
“Forbright is proud to become a signatory to the UN Principles of Responsible Banking,” said founder and Executive Chairman John Delaney. “Banks are indispensable to the economy, and we hope Forbright can be a model for how a bank can use its unique role in our economic system to help create a more sustainable, net zero economy.”
Forbright, which is backed by industry leaders and former government officials, has committed to dedicating half of its assets to financing the companies, investors, operators, and innovators driving sustainability and the shift to a low-carbon economy. This is just one of the ways it will be an indispensable partner in accelerating the clean energy transition.
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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 banks to systematically 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 and build a positive future for both people and planet. These banks also join the world’s largest global banking community focused on sustainable finance, sharing best practices, working together on practical guidance, and pioneering tools to benefit the entire industry.
This is a journey of unprecedented scale and scope at a time when such ambition is urgently needed to address major environmental and social issues. Together, these collective efforts will ensure that profitability goes hand in hand with a sense of purpose and responsibility.
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