The recent commitment of 130 banks from 49 countries to the UN principles for responsible banking (PRB), which were adopted in September 2019, marks an important milestone for the banking industry and so for the oil and gas industry as well. The principles guide banks on how to align their business strategy with society’s goals. This framework will undoubtedly play an important role in building a more sustainable future through a combination of project funding and investment considerations.

The PRB consist of six principles that set a global standard for responsibility...

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