Government, CIBN harp on sustainable banking operations
The Federal Government and Chartered Institute of Bankers of Nigeria (CIBN) have identified sustainability in the banking operations as part of the global challenges, which need attention, especially with switch to a new development goal agenda- Sustainable Development Goals (SDGs).
SDGs, also known as “global goals”, developed by the United Nations, contain 17 focus areas, including end to poverty, inequality, planet and prosperity for all, among others, but require government and private sector, particularly financial institutions to reach the goal.
The Minister of Environment, Mrs. Amina Mohammed, while delivering a lecture at CIBN’s yearly lecture titled “SDGs and Financial Services Sector: The Meeting Point”, said development is about capital allocation and that should be the core of financial market activity.
She noted that financial institutions interact with the environment in a number of ways through investment, innovative products, risk and returns valuations, pollutions and at most times, victims of the environment.
The minister, represented by the Director General, Forestry Research Institute of Nigeria, Dr. Adesola Adepoju, reiterated that there is a huge potential to reinforce the link between environmental performance and financial performance through the use of economic instruments like taxes.
“There should be focus on the environmental impacts of financial products rather than mere impact of internal operations and the country should lead the flow of environmental information that are relevant to the financial market.
The President/Chairman of Council, CIBN, Prof. Segun Ajibola, in his address, said the topic of the lecture could not have come at a better time than now when the natural resources on which our existence relies is being threatened by human activities.
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