International Banks Day 2024: Historically, banks and financial institutions have been considered to be instrumental in funding large infrastructure, energy efficient solutions and social services.
The theme of World Bank Day 2024 is Empowering Sustainable Development through Finance. (Photo: Shutterstock)
International Bankers Day is celebrated on 4th December every year. The day draws attention to the important work that the banking system does for the sustainable development of countries and the world as a whole. It commemorates UN General Assembly Resolution 74/245 of 2015 which was adopted on 19 December 2019. The day celebrates institutions such as multilateral development banks, international financial institutions and national banking systems to fund projects that affect the global economy, inequality and livelihoods. Standards
International Bankers Day 2024 theme
The theme for 2024 is “Empowering Sustainable Development through Finance.” This theme focuses on the role of financial institutions in supporting the United Nations’ 2030 Agenda for Sustainable Development. It aims to end poverty, tackle climate change and reduce inequality.
International Bankers Day: History and Significance
The decision to celebrate World Bank Day is a step towards focusing on the sector amid the realization of its importance in sustaining global economic stability and growth.
Historically, banks and financial institutions were considered to be instrumental in funding large infrastructure, energy efficient solutions and social services. Bridging the financing gap needed to achieve the Sustainable Development Goals (SDGs) is one way banks support investment in these sectors.
International Banks Day 2024: Key Contributions of Banks
Banks play an important role in financing SDG projects in areas including decent work and economic growth (SDG 8), business innovation (SDG 9), reducing inequality (SDG 10) and partnerships to deliver the goals ( SDG 17) are included. .
During financial crises it is common for development banks to come in and provide all the funding that the private sector may lack.
Banks also play a special role in supporting financial innovation, also known as providing credit to small and similar enterprises.
International Bank Day 2024: References to Banking and Development
- Bill Gates: “Banking is essential, banks are not.”
- John Stumpf (former CEO of Wells Fargo): “Technological innovation will be the heart and blood of the banking industry for many years to come.”
- Warren Buffett: “Business schools reward complex behavior more difficult than simple behavior, but simple behavior is more effective.”
- Christine Lagarde (President of the European Central Bank): “We have to make sure we have a financial system that serves everyone.”
- Ajay Banga (Ex-CEO of MasterCard): “Innovation isn’t just about having a good idea. It’s about implementing that idea and creating value for customers and society.”
- Dan Shulman (President of PayPal): “You have to reimagine how money can be managed and moved, to serve these markets because financial services are going to change more in the next five years than in the last 30 years.”
- Steve Jobs: “Innovation is the ability to see change as an opportunity, not a threat.”
- Margaret J Wheatley: “Every new thing creates two new questions and two new opportunities.”
Principles of responsible banking
gave Principles of responsible bankingEstablished by a group of banks under the United Nations Environment Program Finance Initiative (UNEP FI), six key commitments are outlined:
Alignment: Integrating business actions with other commitments, including the SDGs and the Paris Climate Agreement.
The effect: Understanding and addressing the consequences of banking operations on people and the environment.
Clients and Customers: Offering appropriate financial products to customers that will help them promote sustainable growth.
Stakeholders: Engagement with stakeholders to enhance transparency and accountability.
Governance and Culture: Implementing sustainability in governance systems and organizational culture.
Collaboration: Collaborating with other banks and other stakeholders to accelerate the development of sustainable finance.