A scene during the launch.
PHILIPSBURG--Republic Bank on Wednesday evening launched its “Power to make a difference” initiative, the bank’s approach to corporate social responsibility designed to transform communities and enable sustainable futures.
The launch was done simultaneously in St. Maarten and the bank’s Eastern Caribbean territories. Finance Minister Ardwell Irion was amongst guests at the launch at Republic Bank St. Maarten.
General Managing Director of Republic Bank St. Maarten Sterl Lyons, who was present at the launch locally; Republic Bank (EC) Limited Managing Director Michelle Palmer-Keizer, General Manager Legal Services/Corporate Secretary Janelle Bernard and Marketing Specialist Kelly Mitchell, who spoke virtually, addressed attendees at the simultaneous launch which was broadcast via Facebook Live on Republic Bank’s Facebook Page.
Republic Financial Holdings Limited (RFHL) announced on October 12, 2020, that it had become an official signatory of the United Nations Principles for Responsible Banking – a single framework for a sustainable banking industry developed through a partnership with banks worldwide and the United Nations Environment Programme Finance Initiative (UNEPFI).
The Principles for Responsible Banking set out the banking industry’s role and responsibility in shaping the future and aligns the banking sector with the objectives of the UN Sustainable Development Goals (SDGs) and the 2015 Paris Climate Agreement. These principles enable a bank to embed sustainability across all its business areas and to identify potential opportunities to make the most impact in contributing to its region and the world.
By signing on to the Principles for Responsible Banking, RFHL joins a coalition of more than 200 banks worldwide in committing to improving their positive impact and contribution to society by incorporating sustainable practices and strategies across all business areas.
This commitment will be implemented over the course of four years and will include conducting a portfolio impact assessment; setting measurable targets in at least three areas related to the UN SDGs; and implementing reporting around portfolio impact according to these principles.
As part of RFHL’s commitment to the principles, each subsidiary of the group is tasked with selecting three of the 17 United Nations SDGs for their respective territories.
These SDGs will align with regional and national development goals of the country. The Principles require banks to be transparent and accountable. Banks are required to set impact targets in line with the UN SDGs and report on their progress toward those targets.
Republic Bank (EC) Limited comprising six countries (St. Lucia, St. Kitts and Nevis, St. Vincent and the Grenadines, Dominica, Anguilla, and St. Maarten) has identified the following SDGs as the focus areas:
St. Lucia, St. Vincent, St. Kitts, Dominica – Affordable and Clean Energy (#7), Climate Action (#13), Decent Work and Economic Growth (#8).
Anguilla: Affordable and Clean Energy (#7), Climate Action (#13) and Sustainable Cities and Societies (#11).
St. Maarten: Affordable and Clean Energy (#7), Climate Action (#13) and Responsible Consumption and Production (#12).