------------------------------------------------------------------------ THE UNEP FINANCE INITIATIVES E-BULLETIN Issue 17 - April 2003 ------- Download the e-bulletin in rich-text PDF format from: http://www.unepfi.net/ebulletin ------- TABLE OF CONTENTS ------- 1. UNEP FI Tokyo Roundtable (20-21 October 2003) Update EVENT OUTCOMES 2. Environmental Disclosures in Financial Statements (February 26, 2003 - New York, United States of America) 3. Global Asset Management Working Group Debates 2003/4 Strategy (April 17, 2003 - Paris, France) MEMBER SHOWCASE 4. FleetBoston Financial Releases Sustainability Report 5. Calvert's Global Peace, Reconciliation and Reconstruction Efforts 6. Credit Suisse Releases New Information Platform on Sustainable Investments ACTIVITIES 7. Risk, the Environment and the Insurance Industry 8. Discussing CDM Investment Opportunities for Potential CDM Projects in Africa (April 28, 2003 - London, United Kingdom) EVENT WIRE 9. Preparing for the Introduction of the European Emissions Trading Scheme (June 25-26, 2003 - Brussels, Belgium) NEWS 10. HIV/AIDS Could Cause Major Economic Crisis in 'Emerging Markets' ---------- FOR INFORMATION on creative marketing opportunities in this or other UNEP FI publications please contact fi@unep.ch ---------- 1. UNEP FI Tokyo Roundtable (20-21 October 2003) Update http://www.unepfi.net/tokyo/ The UNEP FI secretariat is finalising the 2003 Global Roundtable agenda in collaboration with its partners and the Japanese Task Force. The roundtable agenda focuses on the role of the financial sector in promoting best practices by addressing topics such as Governance and Sustainability; Accountability, Transparency, and Reporting; Materiality of Qualitative Risk; Impacts of the Kyoto Protocol, and Building Sustainability into the Financial System. Visit http://www.unepfi.net/tokyo/agenda/ to view the provisional agenda. Confirmed speakers include: · Mr. Shunichi Suzuki - Minister of the Environment, Japan · Mr. Takeshi Komura - Governor, The Development Bank of Japan · Mr. Carlos Joly - Advisor to Storebrand; and Chair of the UNEP Insurance Industry Initiative · Mr. Masafumi Hikima - President & CEO, Nikko Asset Management · Michael Hoelz - Global Head Public Affairs & Environmental Coordination, Deutsche Bank; and Chair of the UNEP Financial Institutions Initiative · Mr. Koichi Takata - President, Shiga Bank · Professor Hirofumi Uzawa, Prof Emeritus at the University of Tokyo Contacts: Philip Moss: philip.moss@unep.ch (sponsorship) Mareike Hussels: mareike.hussels@unep.ch (marketing) EVENT OUTCOMES 2. Environmental Disclosures in Financial Statements A joint event with the NAFTA Commission for Environmental Cooperation, HSBC, PricewaterhouseCoopers and the American Bar Association February 26, 2003 - New York, United States of America When is environmental information material to investors? Are companies disclosing that information in a way that enables analysts and fund managers to accurately judge its financial impact? Convening the event, Linda Stryker-Luftig, Executive Vice-President of HSBC Group Public Affairs noted that "taking the environmentally responsible course of action saves money and helps convey the importance of conserving and protecting our natural resources to our employees, customers and shareholders." The event asked three questions. First, whether the legal and regulatory system in the United States, that dictates what must be disclosed and when, (even after the signing into law of the Sarbanes-Oxley Act) is too vaguely defined with regard to the materiality and disclosure of environmental information. Second, if the enforcement of disclosure laws and regulations is satisfactory, where do they pertain to the disclosure of environmental information. Third, if a lack of definition and enforcement would create the impression amongst firms that environmental information is not relevant to investors and consumers and lead them to decide against disclosure. The meeting report is under review and the results will be released when this process is completed. This e-bulletin will notify interested parties of its publication. Contact: Jacob Malthouse: jacob.malthouse@unep.ch Tel: +41 (0) 22 917 8268 3. Global Asset Management Working Group (AMWG) Debates 2003/4 Strategy April 17, 2003 - Paris, France The members of the UNEP FI Global AMWG comprise thirteen financial houses from ten nations. These members met at Groupama Asset Management's head office in Paris, France to develop a 2003/4 research and outreach strategy. The rigorous debate touched on a variety of topics including the philosophy of developing metrics for externalities, the political and economic landscape of the financial sector, emerging markets and marketing investment funds. The group successfully developed a draft strategy for the next two years. This draft is now under finalisation and review by the steering committee and chairs. Several seats on the steering committee remain open for executives in the sector from the following locations: 1. South America (excluding Brazil) 2. Middle East 3. Asia (excluding Japan) Interested parties can submit an application through the secretariat. Contact: Jacob Malthouse: jacob.malthouse@unep.ch Tel: +41 (0) 22 917 8268 MEMBER SHOWCASE 4. FleetBoston Financial Releases Sustainability Report http://www.fleet.com/environment FleetBoston Financial has released its first annual sustainability report. By citing key metrics and initiatives, the report codifies the beneficial economic aspects of Fleet's commitment to the community through its environmental and social initiatives. The report further emphasises Fleet's leadership role in promoting sustainability in the finance industry, in partnership with the Coalition for Environmentally Responsible Economies (CERES), and UNEP FI. Fleet further built upon its longstanding commitment to the community when it became the first financial institution to endorse both of the voluntary codes of conduct associated with CERES and UNEP FI. Fleet has implemented environmental policies to ensure compliance with government regulations, good business practices and its own environmental commitments. Fleet's policies pertain to both its own operations and environmental impacts, and to its credit process for evaluating customers, including evaluation of their influence on the environment. As detailed in the report, Fleet has the internal expertise to advise companies on complicated Brownfield redevelopment projects and Fleet's internal policies have resulted in the cleanup of contaminated real estate across the United States. "As this report reveals, Fleet has accomplished much in fulfilling our commitment," said Chad Gifford, Chairman and Chief Executive Officer of FleetBoston Financial. "We recognise, however, that this is a process of continuous improvement. We look forward to further integrating our environmental initiatives in the year ahead," he added. Contact: Kaj Jensen: kaj_L_jensen@fleet.com 5. Calvert's Global Peace, Reconciliation and Reconstruction Efforts http://www.calvert.com/commentary.html As the conflict in Iraq has wound down, much attention has turned to ensuring peace as well as speedy reconstruction. UNEP FI member Calvert Group, together with the Calvert Foundation, provide several ways for mutual fund shareholders and interested individual donors to support peace, reconciliation, and efforts not only in Iraq, but also elsewhere in the Middle East and the world: - Relief and Recovery Initiative: Calvert Foundation passes 100 percent of donations to groups that are drawn from the membership of InterAction, a coalition of relief, development and refugee assistance agencies operating in Iraq, Afghanistan, and other war-torn areas. Qualified Calvert shareholders (or their financial advisors) may transfer dividends and capital gains directly from Calvert mutual fund accounts to this initiative. - Two options promoting peace: The Middle East Peace Giving Folio and the Global Peace and Security Folio seek to allay tensions that could lead to regional and global conflicts, respectively. - Middle East Micro-credit Giftshare: Calvert Foundation will make small loans to entrepreneurs in the Middle East to assist in starting or rebuilding businesses. Calvert Foundation provided $50,000 in matching funds to initiate this Giftshare program. 6. Credit Suisse Releases New Information Platform on Sustainable Investments http://www.credit-suisse.com/sustainable-investments Increasing numbers of investors are applying their personal values when making investment decisions. With its new Internet service, Credit Suisse Private Banking now offers interested parties comprehensive information on precisely this subject. The website contains details of Credit Suisse Group products and services in the sphere of sustainable investments, as well as editorial articles, background information and the latest studies in the field. Private Banking clients also benefit from further services: they can have their portfolios assessed for sustainability, and can make use of the Stock Screener internet tool to find sustainable firms they can invest in. Contact: Otti Bisang: otti.bisang@csg.ch Tel: +41 (0) 1332 2609 ACTIVITIES 7. Risk, the Environment and the Insurance Industry The Australasian UNEP FI Insurance Advisory Committee recently released a report entitled 'Risk, the Environment and the Insurance Industry' http://www.epa.vic.gov.au/Programs/UNEP/ The report assesses the management of environmental risks, including the use of insurance, within companies. It incorporates a review of the environmental legislative framework in Australia and highlights the availability of environmental insurance products both internationally and within Australia. The paper notes the volume of environmental insurance premiums globally and gives examples of available products. The paper also considers the opportunities that consideration of sustainability issues could provide for the insurance sector and includes case studies exploring the relationship between lower insurance risk and reduced environmental impact. This study will give both the insurance industry and the broader market a better understanding of how the insurance sector could play a role in managing and possibly reducing environmental exposures. Contact: Helen Bloustein: helen.bloustein@epa.vic.gov.au Tel: +61 (0) 39 695 2687 8. Discussing CDM Investment Opportunities for Potential Projects in Africa April 28, 2003 - London, United Kingdom http://www.3e.uct.ac.za/cdm The UNEP FI Climate Change Working Group (CCWG) in collaboration with the African Task Force (ATF) will be represented at this important event bringing together project developers, financial institutions and national governments from Southern Africa. The event has been organised by CDM CAPSSA (Clean Development Mechanism - Capacity Building in the Private Sector in Southern Africa) and is being hosted by Baker & McKenzie. Mr. Paul Clements-Hunt (UNEP FI, Head of Unit) will be presenting on 'The Power of Partnership - African Financial Institutions, Capacity and the CDM', outlining how the CCWG and the UNEP FI ATF can contribute to increased investment in African CDM projects. Contact: Scott Flemming: scott.flemming@unep.ch (Climate Change) Niamh O'Sullivan: niamh.osullivan@unep.ch (African Task Force) EVENT WIRE 9. Preparing for the Introduction of the European Emissions Trading Scheme European Emissions Trading 2003 June 25-26, 2003 - Brussels, Belgium http://www.oilandgasIQ.com/GB-2015/ediary The conference will be featuring an unrivalled number of industry case studies, and governmental presentations from the EC and other European countries. The conference presents ample opportunity to network with industry leaders, benchmark against peers to be fully prepared for the arrival of a Europe-wide ETS. Prominent experts will discuss how national allocation plans will affect trading strategies, what has been agreed on the EU directive and how to take advantage of it, access to JI and CDM mechanisms, and where to find potential trading partners. Contact: Gareth Pearce: gareth.pearce@oilandgasIQ.com Tel: +44 (0) 20 7368 9358 NEWS 10. HIV/AIDS Could Cause Major Economic Crisis in 'Emerging Markets'; Some Companies Providing Prevention and Treatment to Workforce Kaiser Daily HIV/AIDS Report March 25, 2003 Not only is the HIV/AIDS pandemic a "humanitarian disaster," but the disease could also cause an "economic crisis" in emerging markets such as South Africa, China and the former Soviet Union, where the virus is "spreading fast," the Toronto Globe and Mail reports. Labour-intensive industries, such as mining, have been particularly hard hit by HIV/AIDS, and service industries such as banking and food products may have to project slower growth in coming years due to a declining consumer base, according to the Globe and Mail. A number of banks, including Deutsche Bank and Dresdner Bank, have said that HIV/AIDS statistics will have to be included in financial forecasting, stock selection, asset allocation and risk underwriting. One of investors' foremost concerns is the "lack of relevant information" that companies disclose about the HIV/AIDS status of workers. According to the Globe and Mail, "calls are intensifying" for companies to provide more HIV/AIDS information in financial reports. All companies trading on the Johannesburg Stock Exchange will be required to disclose such information this year, and approximately 30% of South African companies already report HIV/AIDS statistics, according to the Globe and Mail. - END - 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" 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 Chief Editor: Paul Clements-Hunt: pch@unep.ch Editors: Robert Reid: robert.reid@unep.ch Jacob Malthouse: jacob.malthouse@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 2003 - UNEP FI