Changing The World Through Finance

It is mind-boggling that we can be so consciously aware of the effects of global warming and climate change, yet so easily dismiss the actions we can collectively take as a people. How can we see the damaging effects of our persistent neglect of our planet and still continue to contribute to its degradation? Is it that our economic desires far outweigh our future safety and well-being? Is it too late for change?

So what if the Earth's average temperature has increased about 1.18 degrees Celsius during the last century? Devastating effects that scientists had cautioned us about are now occurring: loss of sea ice, accelerated sea level rise and, longer more intense heat waves, changes in rainfall and weather patterns, an increase in the frequency of extreme weather events and so much more. What's the big deal? Why the fuss? Why the summits?

Let’s take a simple look at this complicated issue: From the onset of the industrial revolution, there has been an increase in greenhouse gases worldwide, but the worst effects of climate change can be less severe if greenhouse gas emissions are reduced to net zero over the course of this century.

In April this year, we, The Republic Bank Group joined 42 other global banks in 23 countries as founding signatories to the United Nations- convened, Net-Zero Banking Alliance (“NZBA”). The NZBA was co-launched by the Financial Services Taskforce (FSTF) of the Prince of Wales’ Sustainable Markets Initiative.

Our promise and obligation to the region will be our continued focus on aligning our brand, operations, and the Group’s lending portfolios towards achieving net-zero greenhouse gas emissions by 2050. The initiatives we introduce and the relationships we establish through the NZBA will also contribute and deliver the goals of the UNEPFI Principles of Responsible Banking framework, which we signed on to in 2020.

We have decided to lend and invest USD$200 million by 2025 to support actions that would help achieve major Climate Finance Goals. These goals will be achieved by activities which include the lending and investment for loans that enable the sale of electric and hybrid cars, loans that are aligned to the promotion of clean fuels, renewable energy and technology, that contribute to an improvement in energy efficiency and construction loans that deploy climate-resilient technologies.

The fight against climate change is a shared responsibility and as a founding member of the NZBA, we will take the bold step of advancing the fight against climate change to secure the future of the planet and generations to come.