Is responsible banking an oxymoron? Eric Usher 2021-04-30

Eric’s talk will cover the evolution within the banking industry in its approach to integrating environmental and social considerations into financial practice and specifically in addressing global climate change. Eric heads the UN Environment Programme Finance Initiative, UNEP FI, a global partnership bringing together the UN with a global group of banks, insurers and investors that over the years has established some of the most important sustainability oriented frameworks within the finance industry, including the Principles for Responsible Investment (PRI, 2006), the Principles for Sustainable Insurance(PSI, 2012) and, most recently, the Principles for Responsible Banking (PRB, 2019). The main focus of Eric’s talk will be in considering the notion of the responsible bank, the conditions that led to the establishment of the PRB in 2019, and expectations for its climate initiative, the Net-Zero Banking Alliance, launched by Mark Carney on April 21st as part of President Biden’s Climate Summit.

Eric Usher

Head, UNEP Finance Initiative

Eric Usher Heads the UN Environment Programme Finance Initiative, UNEP FI, a global partnership bringing together the UN with a global group of banks, insurers and investors working to develop the sustainable finance and responsible investment agendas. Eric oversees governance, strategy and day-to-day management of UNEP FI’s work programme and global network development. Over the years UNEP FI has established some of the most important sustainability oriented frameworks within the finance industry, including the Principles for Responsible Investment (2006), the Principles for Sustainable Insurance (2012) and the Principles for Responsible Banking (2019).

Since joining in 2015, Mr. Usher has focused on accelerating the deep integration of sustainability risks into financial practice, including addressing climate change, natural capital loss and human rights abuses, as well as building out the frameworks for positive impact finance needed to achieve the UN Sustainable Development Goals. Eric sits on several industry bodies including as UN representative on the Board of the Principles for Responsible Investment, and as a member of the governing boards of the Sustainable Stock Exchanges Initiative, the Net-Zero Asset Owner Alliance, the Investor Agenda and the impact fund REPP Africa.

Prior to leading UNEP FI, Mr. Usher has over twenty years of experience in the low carbon sectors, spanning technology commercialisation in Canada, solar rural electrification in Morocco and financial sector development across emerging markets. During 2011, Mr. Usher worked on the establishment of the Green Climate Fund and led efforts to create its Private Sector Facility. Eric has been an editor of the Global Trends in Renewable Energy Investment report published annually with Bloomberg and was lead author for finance of the IPCC Special Report on Renewable Energy Sources. Earlier in his career, Eric was General Manager of a solar rural electrification company based in Morocco.

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