------------------------------------------------------------------------ Issue 14 January 2003 www.unepfi.net/ebulletin EVENT OUTCOMES 1. Ratings Roundtable on Qualitative Risk (January 8, 2003 ? Paris, France) 2. UNEP FI Joint Steering Committee Meeting (January 9, 2003 ? Paris, France) 3. European Seminar on Finance, Environment and Sustainable Development (January 10, 2003 ? Paris, France) MEMBER SHOWCASE 4. UNEP FI Welcomes Two New Signatories 5. Citigroup Becomes First to Fund Greening NY City?s Rooftops ACTIVITIES 6. Preparations for the 2003 UNEP FI Global Roundtable in Tokyo (October 20-21,2003) 7. UNEP FI Sustainable Venture Finance 2002: Workshop Report 8. UNEP FI Climate Change Working Group Meeting EVENT WIRE 9. ?Economist? Conference: Achieving Sustainable Business Success - Defining Tomorrow's Company (March 20, 2003 ? London, UK) 10. Business and Sustainability Conference (June 4-5, 2003 ? New York, USA) NEWS 11. NGOs Turning Their Eye on Private Finance 12. "Resource Kit for Training" on Cleaner Production Financing Released DOWNLOAD THE SPECIAL ?GOVERNANCE? EDITION OF THE UNEP FI 0.618? NEWSLETTER AT: http://unepfi.net/0.618/index.htm For information on creative marketing opportunities in this or other UNEP FI publications please contact fi@unep.ch ---------------------------------------------------------------------------- ---- EVENT OUTCOMES 1. Ratings Roundtable on Qualitative Risk UNEP FI is engaging rating agencies in discussions on sustainability January 8, 2003 ? Paris, France Understanding the critical role that credit agencies play in the financial sector, UNEP FI hosted a ratings roundtable in Paris with senior business executives and regulatory officials to explore how developing qualitative risk issues affect rating agencies and financial markets at large. Danièle Nouy, Secretary-General of the Basel Committee on Banking Supervision, opened the discussion which was attended by representatives from leading mainstream and specialized sustainability rating agencies, governance experts, and regulators. Topics that were discussed in an open dialogue included the role of rating agencies in financial markets, materiality of sustainable risk, and the changing regulatory environment. The event was well received and participants expressed enthusiasm in continuing a process of engagement with UNEP FI. A report on the event will be made available on the UNEP FI website. Contact: philip.moss@unep.ch Tel: +41 (0) 22 917 8688 2. UNEP FI Joint Steering Committee Meeting Consolidating, Restructuring and Planning Ahead January 9, 2003 ? Paris, France Following the November 2002 meetings of the Steering Committees for the Financial Institutions Initiative (FII) and the Insurance Industry Initiative (III), the Joint Steering Committee held a one-day meeting in Paris to discuss issues of outstanding importance to the overall Initiatives. Agenda items included a summary of the UNEP FI 2001-2002 work programme, a discussion of critical issues related to membership and structure of the Initiatives, and consideration of the financial situation and budget proposals. Steering Committee members were briefed on preparations for the 2003 UNEP FI Global Roundtable in Tokyo on October 20-21, 2003, and the date and venue for this event were approved. Further topics of discussion included UNEP FI?s work in environmental and social reporting, and collaboration with NGOs. 3. European Seminar on Finance, Environment and Sustainable Development January 10, 2003 ? Paris, France www.unepfi.net/socgen The one-day Seminar, hosted in partnership with Société Générale, Observatoire Responsabilité Sociale des Entreprises (ORSE), Caisse des Dépôts et Consignations, and Dexia, took place at Société Générale?s conference facility in the La Défense business district of Paris. Over three hundred bankers, insurers, asset managers, and government and civil society representatives from across Europe, North America, Asia, and Africa engaged in robust and challenging discussions on Corporate Responsibility and Capital Markets, Qualitative Risk Management, and Climate Change. Philippe Citerne, Directeur Général Délégué, Société Générale, opened the Seminar by welcoming visitors to the event. Jacqueline Aloisi de Larderel, UNEP Assistant Executive Director, followed in declaring the meeting ?an excellent opportunity for the finance sector to create a blueprint for action on sustainable development?, one which ?also ensures environmental and social considerations are firmly embedded in corporate governance thinking.? The first session introduced some of the broader issues related to corporate responsibility and qualitative risk, and their impact on the financial system. The afternoon session was highlighted by the presentation of benefits and pitfalls that come from integrating sustainable criteria into a fund management strategy, the current state of the mainstream fund management sector and the relative performance of SRI funds The final session of the day, focusing on Climate Change & Disaster Management, involved an in-depth discussion on the relationship between the activities of the financial community and the implications of Climate Change. The round table discussion was very well received and UNEP FI considers it a significant success. The conference was over-subscribed and the UNEP FI Secretariat has received many letters of appreciation from the participants. A report on the event will be made available on the UNEP FI website. Contact: kiki.lawal@unep.ch Tel: +41 (0) 22 917 8692 MEMBER SHOWCASE 4. UNEP FI Welcomes Two New Signatories On January 20, 2003 Desjardins Group, the largest financial institution in Québec and the sixth largest in Canada, became a UNEP FI signatory. It is composed of an extensive network of Corporate Financial Centres with some 20 subsidiaries and around 39,000 employees. With its strong commitment to social and environmental issues, we welcome Desjardin?s valuable input into our initiative. www.desjardins.com Contact: camille.beaudoin@desjardins.com Tel:+ 1 (418) 835-8444 On December 10, 2002 National Australia Bank joined UNEP FI. National, the third Australian financial institution to sign up to the initiative, is an international financial services group that provides a comprehensive and integrated range of financial products and services. Speaking at the signing ceremony organised by UNEP FI's Australasian partner EPA Victoria, Chief Executive Officer, Frank Cicutto stated "At the National, we see sustainable development as...the sort of approach a well-managed business takes and is consistent with the objective of long-term value creation. That is why we were happy to sign the UNEP FI statement." www.national.com.au Contact: michael-f-spencer@national.com.au Tel: +61 3 8641 3500 Contact for information on all Australasian activities: EPA Victoria: unep.fi@epa.vic.gov.au Tel: +61 3 9695 2538 5. Citigroup Becomes First to Fund Green Roofs in NY City Citigroup Partnering with Earth Pledge in Support of Greening Rooftops www.earthpledge.org The Citigroup Foundation has pledged $25,000 to the Green Roofs Initiative, a project to create "green roofs" atop buildings that offer supportive housing to low and moderate income individuals. Citigroup is the first corporation to partner with the conservation group Earth Pledge in support of this project. By providing technical and financial support, as well as job training, Earth Pledge will facilitate the development of a 7,500 square-foot green roof on a supportive-living facility in East Village, which houses 55 formerly homeless clients living with HIV/AIDS. This green roof, the largest to date in New York City, will cut energy costs and extend the roof's lifecycle, as well as provide job skill training. Green roofs respond to a need for innovative solutions to urban environmental and human health problems in New York, with the aim of making it a more sustainable city. Contact: iris.gold@citicorp.com Tel: +1 212 718 248 4698 ACTIVITIES 6. Preparations for the 2003 UNEP FI Global Roundtable in Tokyo Sustaining Value ? A Meeting on Finance and Sustainability http://www.unepfi.net/tokyo On October 20-21, 2003, UNEP FI will host this year?s Global Roundtable in Tokyo, Japan. Responding to recent discussions on governance of financial markets and corporations, the meeting will focus on the emergence of new governance frameworks and the resulting opportunities to enhance sustainable finance. The Roundtable, being one of the major conferences in the area of finance and sustainability, will bring together representatives from finance, government, business and civil society. High-profile speakers will discuss with participants how good governance, reporting and accountability can become drivers for environmental and social responsibility and what the financial community can do to promote best practice in these disciplines. The UNEP FI secretariat is working together with the conference host, the Development Bank of Japan, a taskforce of Japanese financial institutions, and other regional partners to prepare a conference that shines light on current developments at the interface of finance, environment and sustainability, investigates emerging opportunities, and provides a forum for regional and global perspectives. Contact: trevor.bowden@unep.ch Tel: +44 (0) 207 249 2154 7. Sustainable Venture Finance 2002: Workshop Report What if Hank Rearden Built Windmills? www.unepfi.net Solutions to environmental and social problems (be they technologies, products or services) are being touted as the next wave of ?monsters? for investors. Is such enthusiasm for the business benefits of sustainability justified? Others perceive sustainability as equalling high risk and lower returns. But are their risk/return models simply too narrow to see the opportunity? A forward-looking workshop was held at Fontainebleau, France in June 2002 to explore the broad theme of whether and when it is profitable to invest in sustainability-oriented venture capital funds and entrepreneurial ventures. Over one hundred participants were addressed by some twenty-five speakers in a structured programme. Participants questioned, discussed and networked their way through two days that had many on the edge of their seats discussing a new and highly stimulating topic: Sustainable Venture Finance. The conference report (www.unepfi.net) consolidates the outcomes of the event and the ideas generated by the group. For those who did not have the chance to attend, it will give an overview of the presentations, a flavour of the discussion, a description of the next steps for the research network and highlight what participants felt to be the most pressing issues. Contact: jacob.malthouse@unep.ch Tel: +41 (0) 22 917 8685 8. UNEP FI Climate Change Working Group Meeting February Meeting to Elect New Chair and Launch 2003 Work Programme www.unepfi.net/cc The UNEP FI Climate Change Working Group will convene a pivotal meeting on February 10, 2003, to elect a new Chair for the group and to solidify its exciting work programme for 2003-2004. The focus for the group over the coming months will be to operationalise the recommendations offered in their latest landmark publication: ?Climate Change and the Financial Services Industry?. The study itself has generated wide international attention since its release in October 2002. A condensed version of the study entitled ?CEO Briefing?, has been distributed to over 2,000 organisations worldwide while over 12,000 electronic versions have been downloaded from the UNEP FI website to date! If you wish to obtain a copy of the ?CEO Briefing? or the full version of the study, please visit www.unepfi.net for free downloads. Contact: scott.flemming@unep.ch Tel: +41 (0) 22 917 8686 EVENT WIRE 9. ?Economist? Conference: Achieving Sustainable Business Success - Defining Tomorrow's Company Evolution of the Company of the Future ? Creating a Sustainable, Profitable Performance March 20, 2003 - London, UK www.economistconferences.com/roundtable/public/con_common.asp?rtid=523&rtReg ion=4&area=1 In today?s volatile market conditions, companies are looking to increase and sustain business value by turning to sustainable business development. Against the background of the challenge of realising the principle of sustainability in a company?s day-to-day business, Economist Conferences is organising a one-day highly interactive event which will focus on: - Assessing business durability ? what opportunities and risks do you need to consider to ensure value-driven growth and sustained performance? - Governance structures to support sustainable business ? what are the fundamentals of good governance? - How is a company monitored and managed? How do you develop and revise corporate governance structures to ensure sustainable practices are deeply rooted into the business operations? - Best practice stakeholder dialogue ? how to develop and maintain effective stakeholder engagement at all times. How do you measure the success? Contact: Heidi Lawrence: weurope_customerservice@economist.com Tel: +44 (0) 207 830 1020 10. Business and Sustainability Conference Implementing Environmental, Economic and Social Objectives: Challenges, Benefits and Rewards June 4-5, 2003 ? New York, USA www.conference-board.org The Conference Board, a non-profit organisation in the United States, is inviting to its 2003 Business and Sustainability Conference to examine the challenges and opportunities inherent in aligning sustainability with corporate objectives through effective implementation. Leaders from global firms which embrace sustainability will share their insights and experiences regarding significant impediments to, and rewards for, operating in a sustainable world. Contact: marcia.carneiro@conference-board.org NEWS 10. NGOs Turning Their Eye on Private Finance Declaration on Financial Institutions and Sustainability Released in Davos www.foe.org/camps/intl/declaration.html On January 27 at the Public Eye on Davos, a public conference held in parallel to the World Economic Forum, an alliance of NGOs launched the Collevecchio Declaration on Financial Institutions. Endorsed by 101 NGOs, the document outlines the unique role and responsibility the financial sector has in advancing sustainability. The Declaration sets six principles that financial institutions should embrace: a commitment to sustainability, to "do no harm," to responsibility, to accountability, to transparency and to sustainable markets and governance. An accompanying implementation document outlines immediate steps financial institutions can take, such as adoption of internationally-recognised industry standards for credit, investing and underwriting transactions. "Financial institutions should view the Collevecchio Declaration as the basis for the beginning of a credible and open debate with all stakeholders and civil society on financing sustainability", said Antonio Tricarico of the Campaign to Reform the World Bank. Contact: Michelle Chan-Fishel (Friends of the Earth) mchan@foe.org 11. "Resource Kit for Training" on Cleaner Production Financing Released Profiting from Cleaner Production: Training Kit and Checklists for Action www.financingcp.org/training/training.html Companies planning to implement Cleaner Production options in order to move towards more sustainable production practices, often confront a major constraint in successfully presenting the investment proposal to a potential source of external financing. To address these constraints the UNEP project ?Strategies and Mechanisms for Promoting Cleaner Production Industries in Developing Countries? has released a series of awareness raising and training courses on Cleaner Production financing. The resource kit is mainly meant for the industrial, financial and public sectors. It has been published on a CD-ROM and is now available online to registered users for free. Contact: ari.huhtala@unep.fr Tel: +33 (0)1 4437 1431 ---------------------------------------------------------------------------- ---- To unsubscribe: email: LISTSERV@peach.ease.lsoft.com and in the body of the email type ?signoff UNEPFI? To subscribe: email: LISTSERV@peach.ease.lsoft.com and in the body of the email type ?subscribe UNEP FI? END. The UNEP FI e-bulletin is a monthly publication of the United Nations Environment Programme Finance Initiatives. United Nations Environment Programme Division of Technology, Industry and Economics Economics and Trade Branch Finance Initiatives Unit Supervising Editor: Paul Clements-Hunt, Head of Unit, UNEP Finance Initiatives Editors: Robert Reid robert.reid@unep.ch Mareike Hussels mareike.hussels@unep.ch Disclaimer: The views expressed in this publication are not necessarily those of UNEP or UNEP FI, or of its signatories, nor does UNEP FI or its signatories take any responsibility for actions taken as a result of views or opinions expressed in this publication. Copyright 2002 - UNEP FI