The UK Green Investment Bank (GIB) has today announced that it has become a signatory to the United Nations-supported Principles for Responsible Investment (PRI). PRI is a global network of investors working together to publicly demonstrate commitment to responsible investment and to incorporate it into their investment strategies.
Signatories work together to consider the commercial implications of environmental, social and governance (ESG) issues and how they can be incorporated into investment decision making.
GIB joins over 1,200 signatories, who collectively have around $US35 trillion assets under management.
By signing to the PRI, GIB commits to the following six Principles:
- Incorporate ESG issues into investment analysis and decision-making processes.
- Be active owners and incorporate ESG issues into our ownership policies and practices.
- Seek appropriate disclosure on ESG issues by the entities in which we invest.
- Promote acceptance and implementation of the Principles within the investment industry.
- Work together to enhance our effectiveness in implementing the Principles.
- Report on our activities and progress towards implementing the Principles.
Shaun Kingsbury, Chief Executive, GIB said:
As the first institution of our kind globally, GIB has a responsibility to ensure that our investments meet the very highest standards of sustainability and responsibility. Most of the PRI obligations are already part of our investment policies, but we are keen to see what we can do to go beyond this, and share best practice with other responsible investors around the world.
Fiona Reynolds, Managing Director, PRI, said:
The UK Green Investment Bank is at the forefront of investing in solutions that support the transition to a resilient, low-carbon economy, and we're pleased to welcome them to the PRI. GIB's public commitment to deploying its capital and expertise in a responsible, sustainable manner to respond to the sustainability challenges that define our era provides a model for other green infrastructure-focused banks being launched by governments around the world.
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Notes to editors
UK Green Investment Bank (GIB)
The UK Green Investment Bank was launched in November 2012. It has £3.8 billion of funding from the UK government. It is the first bank of its kind in the world. It is a "for profit" bank, whose mission is to accelerate the UK's transition to a greener economy, and to create an enduring institution, operating independently of government.