Principality Building Society has made an official commitment to the UN Principles for Responsible Banking (PRB) and the UN-convened Net-Zero Banking Alliance (NZBA).
These global initiatives unite financial institutions around the world in a shared mission to build a sustainable and ethical banking industry, aligning with the United Nations’ Sustainable Development Goals (SDGs) and the Paris Climate Agreement.
The building society said the move marked “a defining step in our journey to become a responsible, purpose-driven business”. By joining the PRB, it said, it was embedding sustainability into “every facet” of its strategy, decision making and operations.
It added that through the NZBA it was committing to aligning lending and investment activities with net-zero emissions by 2050, supported by “ambitious” interim targets for 2030 or sooner.
Julie-Ann Haines, Chief Executive Officer, said:
“Being part of the UN Principles for Responsible Banking and the Net-Zero Banking Alliance is a natural evolution of our commitment to doing business ethically and responsibly. At Principality, we believe in the power of small but meaningful actions that ripple out to create significant change.
“As Wales’ largest building society and the UK’s sixth largest, we’re proud to be playing our part in addressing climate change, inequality and social challenges. By collaborating with a global community of responsible banks, we’re working to ensure a fairer, more inclusive society and a more sustainable and secure future for our customers, colleagues and communities. These are the principles that guide us, not just today, but for generations to come.”
The Principles for Responsible Banking provide the world’s leading framework for sustainable finance. Signatories like Principality commit to:
- Aligning strategies with the SDGs and Paris Climate Agreement
- Measuring and reporting the environmental and social impact of their activities
- Setting and implementing targets where they can create the most meaningful change
The Net-Zero Banking Alliance brings together 135 banks across 44 countries to support the transition to a net-zero economy, offering practical tools and science-based guidance to achieve credible targets for reducing emissions.
