Green Competition Moves Banks – Covalence Banking Industry Report 2007

29 06 2007

070619_banksreport.jpgBanks show the second best EthicalQuote reputation score from June 2006 to June 2007 compared to nine other industries, states a report released on 29 June 2007 by Geneva-based ethical reputation research firm Covalence, Covalence Banking Industry Report 2007. Over last year the Banking Industry has witnessed a favorable evolution in the areas of Eco-Innovativeness of its products, Environmental Impact of Production and Social Sponsorship. The reason for this green turmoil amongst various enterprises in the banking industry stems from both the market side (increased consumer demand for Socially Responsible Investment funds, growing attractiveness of investing in renewable energy) and evolving international standards (United Nations Principles for Responsible Investing, UNEP Finance Initiative, Revised Equator Principles). Traditional banking practices of confidentiality, cautiousness and neutrality are giving way to transparency and direct communications. Nowadays, banks have become quite aggressive in showing the public how they contribute to sustainable development. Corporate Social Responsibility emerges as an important competition factor in the banking industry. > Continue.

Publication: Covalence Press Release | Country: Global | Company: ABN AMRO, BBVA, Banco Santander, Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Fifth Third Bancorp, HBOS PLC, HSBC, JP Morgan Chase, Lloyds TSB, Merrill Lynch, Mitsubishi Tokyo, Morgan Stanley, National Australia Bank, Royal Bank of Canada, Royal Bank of Scotland, Societe Generale, UBS, US Bancorp, Wachovia Corp, Wells Fargo | Source: Covalence