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Republic - Leading Sustainability by Example
“Republic Financial Holdings makes sustainability a cornerstone of its service – to customers and the community.”
Leading by Example
As the world adapts to a more sustainable future, and as consumers become more candid about supporting companies that embrace sustainable operations, corporations are tuning into the shift. The 17 United Nations Sustainable Development Goals (SDGs) have outlined the blueprint for a better, more equitable world – one that encourages environmentally sound, gender-balanced and resilient practices for the benefit of everyone – and everything – on the planet.
Within the banking sector, specifically, the UN Environmental Programme Finance Initiative (UNEP FI) has laid out the Principles of Responsible Banking (PRBs), which recognise the influence and ability of the banking sector to lead the change and encourage communities and countries to embrace more altruistic and holistic objectives as laid out by the SDGs. The PRBs challenge banks to meet the SDGs, as well as the Paris Accord climate change goals by incorporating sustainability as a core mandate. By their very nature, financial institutions are uniquely positioned to steer society towards sustainability by proving that good – and green – governance is also good business.
Republic Financial Holdings is proud of its track record as a market leader in the Caribbean and is the region’s largest indigenous banking operation. With that pride comes a deep sense of responsibility to lead by example, and show the communities in which it operates how much the organisation values these principles. With its trademark visionary approach, the group immediately recognised the significance of the PRBs, and in October 2020, became the first signatory in the English-speaking Caribbean to sign on to the PRBs and has pledged to set targets in line with the six PRBs that will guide the group’s trajectory over the next decade – and underscores its commitment to making a positive impact in the community. The PRB focus areas are: , Alignment, Impact, Clients & Customers, Stakeholders, Governance & Target Setting, and Transparency & Accountability. Commenting on the Group’s signing, RFHL president and CEO Nigel Baptiste said, “We hope to make a
difference in poverty, education, the role of women in society, climate change, sustainable agricultural practices, the blue economy and more. From a group perspective, our commitment is to make a positive difference.”
And it’s no idle promise. Republic Financial Holdings quickly followed up its commitment, when in April 2021, along with 42 other global banks in 23 countries, it became a founding signatory to the UN-convened Net-Zero Banking Alliance, colaunched by the Financial Services Taskforce (FSTF) of the Prince of Wales’ Sustainable Markets Initiative. “Our continued focus will be on aligning our brand, operations, and the Group’s lending portfolios towards achieving net-zero greenhouse gas emissions by 2050. The initiatives we introduce and the relationships we establish through the NZBA will also contribute and deliver the goals of the PRBs” Baptiste said.
In June 2021, the bank pledged to lend and invest US$200 million by 2025 to support projects that would help achieve major Climate Finance Goals by promoting, encouraging and incentivizing clean energy and green technology. Among the projects RFHL will support include loans for electric and hybrid cars, clean fuel, renewable energy, and energy efficient and climate-resilient construction.
Baptiste said on the announcement that given the negative impact of climate change on the Caribbean and its dependence on fossil fuels, Republic Financial Holdings identified SDG 7 (affordable and clean energy) and SDG 13 (climate action) as priority goals. “We believe that through our climate finance lending and investment packages, we will be on a path to a cleaner, greener and more sustainable future.”
Most recently, in August, Republic Financial Holdings partnered with business consultancy firm BPD Associates Ltd, to launch a programme geared to the development of female entrepreneurs, the Entrepreneurs Business Builder programme, to help 150 established women in business from around the Caribbean create technology-enabled, sustainable, and profitable businesses.
“Investing in the development of our SMEs, especially our women-owned businesses, ensures that we as a region continue along our path to Sustainable Development,” said
Republic’s Executive Director Derwin Howell, at the launch of the project. “This group-wide initiative aligns with our commitments to the UN Principles for Responsible Banking. By training our female entrepreneurs to create avenues for technological advancement and innovation in their business practices and by ensuring that these practices are environmentally safe and sustainable, we ensure that the future of our Caribbean is in good hands.”
CSR and responsible governance
PRB accountability and Corporate Social Responsibility (CSR) both intersect with Republic Financial Holdings’ values. Social responsibility has always been a cornerstone of RFHL’s operations and the Group’s programmes have always been a collaborative process between it and its community, in the drive towards a better society and a better way of life for all. For RFHL, it is a social dialogue that identifies the problems within a society and engages with all stakeholders to fix them in ways that benefit everyone.
“We believe that being socially responsible requires more than the mere handing over of a charity cheque; it means getting involved – making these crucial investments in time, skills and money,” says Karen Tom Yew-Jardine, General Manager, Group Marketing and Communications.
Republic Financial Holdings’ flagship CSR initiative, The Power to Make a Difference (PMAD) programme, which started 18 years ago was a direct result of that sense of responsibility. The programme’s longevity and scope underpins the organisation’s vision for stronger, more resilient communities, and provides a perfect foundation on which Republic Financial Holdings’ evolved environmental, sustainability and governance targets can build.
“The PMAD objectives are clear - to enhance the quality of life of disadvantaged people in society; support the enhancement of health, with a key focus on cancer; provide opportunities for young people to realize their true potential; build and encourage entrepreneurialism amongst members of society; foster community spirit and togetherness; and alleviate some of the ills of society,” says Tom Yew. The programme is supported by four main pillars.
Leading by Example
Republic Bank continues its longstanding partnership with Habitat for Humanity Trinidad and Tobago with the signing of a new contract.
(left) Karen Tom Yew-Jardine, General Manager, Group Marketing and Communications and (right) Jennifer Massiah, National Director, Habitat for Humanity Trinidad and Tobago.
The Power is Ours
Beyond the brand, Republic Financial Holdings is fundamentally its people – the engine of growth and the heart of its inspiration. The organisation’s CSR does not, then, happen in a vacuum; rather, employees are encouraged to participate through Branch Community Project grants.
Branches are given funds to create and sponsor projects that will have meaningful impact in their communities. As people who often live and work in the communities they serve, staff are therefore well-placed to understand the nuances of what is truly needed, and advise on ways that grants can help fill the gaps in areas like poverty alleviation, education, culture and literacy. These passion projects not only help engender a spirit of charity, but also camaraderie, pride and well-being.
As Republic Financial Holdings expands beyond Trinidad and Tobago to become a global force, its commitment to CSR has strengthened. The Power to Make a Difference Programme has grown to be the conduit for expression, with its core tenets adaptable and applicable across countries and cultures.
“With new markets and communities regionally and internationally welcomed into the Republic Financial Holdings family, their heartfelt and diverse stories of challenge and triumph help define the Power to Make a Difference Programme and contribute to building successful communities.”
Managing Director of Republic Bank, Nigel Baptiste, hands over a Samsung tablet to Minister of Education, Dr. Nyan Gadsby-Dolly, as part of the Bank’s contribution to the Ministry’s ‘Adopt-a-School’ programme.
There are four PMAD Pillars each related to different Sustainable Development Goals.
Power to Care
This is linked to SDG 3 and addresses health issues and caring for the differently-abled and the elderly.
• The Trinidad & Tobago Cancer Society: Improving cancer awareness and education campaigns (Trinidad & Tobago)
• Pharma Wellness International Inc.: “Workplace and Lifestyle Wellness Programme” (Barbados)
• Support to Koforidua Technical University towards the building of a Clinic for University community. (Ghana)
• Ministry of Health COVID-19 Vaccination Awareness Campaign (Grenada)
• Ministry of Health - Vaccination Drive at Select Republic Financial Holdings Branches (Guyana)
• Miseen Place Meal on Wheels Food Supply initiative and Ragazzi Restaurant COVID Meals Supply (Cayman)
• Establishing the first dialysis unit/centre for children in Suriname (Suriname)
Power to Help
This is linked to SDG 11 and addresses poverty alleviation and assisting the socially marginalized.
• Habitat for Humanity: Providing shelter for those most vulnerable in society; construction training programme (Trinidad & Tobago)
• Jabez House is a registered charity that is a haven of hope and empowerment for female sex workers (Barbados)
• St. Lucia Social Development Fund (SSDF) organisation – partner to provide food and grocery hampers to families (RBEC)
• Sponsorship to the Cayman Islands Angling Club for Diamond sponsor of the 2021 Cayman Islands International Fishing Tournament (Cayman)
Power to Succeed
This is linked to SDG 5, 10, 13 and 14 and addresses development of sport, protecting the environment and fostering entrepreneurial growth
• Institute of Marine Affairs: Improving the conditions of the oceans/Decade of the Oceans 2021-2030 (Trinidad & Tobago)
• National Learn to Swim Week (Grenada): Promoting water safety awareness, where local volunteer swim coaches provide basic swimming lessons
• Barbados Youth Action Programme – (BYAP): The Bank has sponsored a programme titled “Value Improvement Project” (Barbados)
• Women Across Differences - Comprehensive Empowerment Programme for Teen Mothers (Guyana)
• T. A. Marryshow Community College – Upgrading ICT, Electrical and Security Infrastructure (Grenada)
• Sponsorship of 2020 Caribbean Transitional Energy Conference (CTEC) to promote green lending opportunities (Cayman)
• Adoption of the AU Square (Ghana)
Power to Learn
This is linked to SDG 4 and addresses youth development through education, culture and the arts.
• Adult Literacy Tutors Association: Developing an online learning portal for adults; providing remedial classes in Trinidad and Tobago (Trinidad & Tobago)
• Schools Block Programme: The Schools Block Programme was designed to foster partnerships between the Bank and educational institutions across the country (Barbados)
• Berase ICT Centre: Commissioning of an ultra-modern ICT Centre for the AME Zion Basic School (Ghana)
• Hands Across the Sea Literacy Programme (Grenada)
• University of Guyana - Four (4) year University scholarship (Guyana)
• The sponsorship of awards and cash prizes distributed to 30 students from 3 local high school graduations (Cayman)
