The report provides an update of signatories’ progress in implementing the principles. Signatories’ progress is assessed according to their fulfilment of three key steps: 1. Analysis of their current impact on people and planet 2. Based on this analysis, prioritisation and setting of targets where they have the most significant impact. This is followed by implementing actions to meet targets. 3. Publicly reporting on progress, and, by year four, having this reporting verified by a third-party. Signatory banks must implement these steps within their first four years of joining the Principles. This report is the first collective baseline review, marking 1.5 years of the Principles’ initial 4-year timeline. This report captures banks progress up to March 2021. Signatories will be in their first or second year of reporting depending on when they joined the Principles.