Kathmandu, November 7
Muktinath Bikas Bank, as a member of the Global Alliance for Banking on Values (GABV), is celebrating Banking on Values Day in Nepal also.
The bank says it is organising a nationwide door-to-door campaign to raise banking awareness among the public.
Meanwhile, the GABV will mark Banking On Values Day on November 10 by reaffirming the crucial role that banks have to play in tackling the root causes of climate change as the day this year coincides with the United Nations Climate Change Conference (COP27).
“On the occasion of the COP27 ‘Finance Day’, the GABV urges the financial sector, including values-based banks, to live up to its commitments. At last year’s COP26 Conference in Glasgow, UK, mainstream financial institutions issued welcome public commitments and declarations designed to tackle climate change and help facilitate the move towards net zero,” the GABV says in a statement, “One year later, many of them continue financing the fossil fuel industry at an industrial scale. A recent report by Finance Watch estimates that 60 of the largest global banks still have around USD 1.35 trillion of exposure to fossil fuel assets.”
“Values-based banks have the ambition to put people and the planet at the centre of decision-making. With strong diversity in terms of size, business model, cultural contexts or markets they operate in, they have a goal in common; to use finance to meet their needs and create a positive impact.”