Sustainability Post --- August 01, 2023

Bank Jago works with UNEP FI to develop a sustainable finance framework

Bank Jago works with UNEP FI to develop a sustainable finance framework Bank Jago works with UNEP FI to develop a sustainable finance framework

Aiming to build an environment that promotes the growth of employees and stakeholders, Bank Jago is committed to developing a sustainable financial framework. To realize this commitment, Bank Jago cooperates with the United Nations Environment Program Finance Initiative (UNEP FI). This event was held on June 21, 2023.

UNEP is the leading global environmental authority that sets the global environmental agenda, promotes the coherent implementation of the environmental dimensions of sustainable development within the United Nations system, and serves as an authoritative advocate for the global environment.

Meanwhile, UNEP's Finance Initiative catalyzes action across the financial system to align the economy with sustainable development.

UNEP FI brings together a network of more than 400 financial institutions globally to shape the sustainable finance agenda, including hosting and facilitating the implementation of leading sustainable finance frameworks, including the Principles of Responsible Banking and Principles of Sustainable Insurance.

Through this initiative, Bank Jago expressed its commitment to be involved in collaborative projects that advance UN development goals, particularly the Principles of Responsible Banking.

Definition of Sustainable Finance

As seen on the official website of the Financial Services Authority (OJK), sustainable finance is a form of comprehensive support from the financial services industry. This support is aimed at creating sustainable growth which is the embodiment of the alignment of economic, social and environmental interests.

Bank Jago's Efforts to Support Sustainable Finance

As a banking institution in Indonesia, Bank Jago continues to make various efforts and expresses its commitment to always support the creation of sustainable finance. Therefore, Bank Jago together with assistance from UNEP FI will develop a Sustainable Finance Framework that incorporates the requirements of the Indonesian Green Taxonomy as an internal guide to identify transactions that finance activities with environmental or social impacts, as well as an external guide to communicate the bank's sustainability commitment.

Furthermore, the Indonesian Green Taxonomy plays an important role in supporting a resilient and sustainable economy. This is because the Indonesian Green Taxonomy is the reference for the classification of green activities when the financial services sector or banking institutions develop their portfolio of financial products and/or services.

Thus, the process of monitoring the implementation of financing, investment and lending to the green sector can be carried out periodically. In addition, the potential for inaccurate reporting of green activities can be minimized or even prevented.

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