Republic Group: Leading the Caribbean’s Commitment to Responsible Banking

When it comes to achieving Sustainable Development Goals (SDGs), banks aren’t usually top of mind. But the reality is that banks play a fundamental and often unrecognised role in driving the world’s progress towards sustainable development. It is a role that extends well beyond financing and into their broader impact on people and planet.

The Republic Group has always had an awareness of this impact. Through the work of our Power to Make A Difference Programme our commitment to employees, communities, NGOs and other partners across the Caribbean, and Ghana, Republic Financial Holdings Limited (RFHL) has been working towards safeguarding the welfare and sustainable success of the nations it serves.

It is with this commitment in mind that the Group signed on to the UN Environment Programme Finance Initiative (UNEP FI) Principles for Responsible Banking, on October 12 of this year. The six principles were developed to help financial institutions align their strategies and practices with the SDGs and the Paris Climate Agreement, and to include a targeted focus on areas like transparency, accountability, governance, culture and engaging clients, customers, and stakeholders in achieving society’s goals.

The Republic Group’s growing regional footprint means it is well-positioned to be the champion of this initiative not just for its subsidiaries, but for the Caribbean as a whole. As a signatory, the Group is now required to analyse its current impact on people and planet, implement targets to help minimise that impact and publicly report on its progress.

As part of the Group’s intention to nurture the Caribbean’s culture of responsible banking, it plans on setting 2030 targets, for each of its subsidiaries, in the areas of poverty, education, the role of women in society, climate change, life on land and life below water.

Beyond its subsidiaries, the Group hopes to inspire other Caribbean banks to sign on to the Principles for Responsible Banking. The principles may be an ambitious target, but it is a necessary and invaluable opportunity for the region’s banks to play an active role in shaping a more sustainable future for all.