------------------------------------------------------------------------ UNEP FI E-BULLLETIN Issue 25 January 2004 http://www.unepfi.net/ebulletin "We believe we can make a difference by holding ourselves accountable for our own impact on the environment, by embedding our commitment to environmental responsibility in our lending practices, by embracing sustainable business opportunities, and by engaging in the public domain on these issues to help foster solutions to often very thorny questions." - Charles Prince, Chief Executive Officer, Citigroup - ---- MEMBER SHOWCASE 1. Citigroup Steps Up Environmental Policy in Collaboration with Rainforest Action Network 2. HSBC Partnering with Earthwatch for "Investing in Nature" ACTIVITIES 3. UNEP FI/Global Compact Workshop Report 4. UNEP FI Expands its Activities in Central and Eastern Europe 5. Publication of the Values to Value Report 6. UNEP FI - GRI Working Group on Performance Indicators (Environment) for the International Finance Sector EVENT WIRE 7. 'Creating the Climate for Change' - Sustainable Energy Finance Event (June 1-2, 2004; Bonn, Germany) International Conference for Renewable Energies (June 1-4, 2004; Bonn, Germany) 8. Corporate Governance, Social Responsibility and Sustainable Investment Conference (February 5, 2004; Rome, Italy) NEWS 9. South Korea Embraces Sustainability MEMBER SHOWCASE 10. Citigroup Steps Up Environmental Policy in Collaboration with Rainforest Action Network ---- Rainforest Action Network: "Citigroup Leads Financial Sector on Environmental Issues" Citigroup, with the Rainforest Action Network, on January 22, announced the adoption of a comprehensive environmental policy that provides a long-term framework for Citigroup to promote higher environmental standards through its business practices. Citigroup's statement highlights new policies that support and extend its recent signing of the Equator Principles, a set of environmental and social guidelines focused on project finance. The policy sets standards related to endangered ecosystems, illegal logging and sustainable forestry, ecologically sustainable development and climate change. The policy also provides for special measures aimed at protecting "high-caution zones" - areas whose ecological or social fragility must be taken into account if development occurs. Charles Prince, Chief Executive Officer of Citigroup stated: "We believe we can make a difference by holding ourselves accountable for our own impact on the environment, by embedding our commitment to environmental responsibility in our lending practices, by embracing sustainable business opportunities, and by engaging in the public domain on these issues to help foster solutions to often very thorny questions." "Today, Citigroup has articulated the strongest environmental policies yet of any private financial institution in the world," said Michael Brune, executive director of Rainforest Action Network. "With this move, Citigroup joins a growing family of leading companies that are working to transform humanity's greatest challenges into new opportunities for a sustainable future. This moment marks a milestone in worldwide movement to stop global warming and deforestation. We can not overstate the importance of changing such a vast enterprise and look forward to working together with Citigroup in the coming years." To view Citigroup's policies in their entirety, go to www.citigroup.com/citigroup/environment/initiatives.htm. For more information contact: Iris Gold: iris.gold@citicorp.com ---- 2. HSBC Partnering with Earthwatch for "Investing in Nature" Investing in Nature is a US$50 million, five-year partnership between HSBC, Botanic Gardens Conservation International, Earthwatch and WWF. Launched in February 2002, Investing in Nature will protect 20,000 plant species from extinction, breathe life into some of the world's major rivers, and send scientists and HSBC field researchers around the world. During the five-year partnership 2,000 HSBC employees will participate in Earthwatch's Environmental Fellowship scheme, allowing them to contribute - on the ground - to environmental research and nature conservation projects around the world. The Environmental Fellows will also be eligible for a grant of up to £400 to initiate a local environmental project on their return home. The partnership aims to provide the equivalent of 100 years' worth of environmental research, making a real contribution to conservation and increasing our understanding of mankind's impact on the environment. Frank Vorhies, CEO of Earthwatch, said, 'Investing in Nature is well on the way to meeting its five year goals and the partnership has raised the level of awareness of environmental issues at all levels in HSBC. With Earthwatch, HSBC employees not only get to contribute to vital conservation work as volunteers on research projects around the world, but their experience is also used to raise awareness of the need to take responsibility for the environment amongst colleagues, family and friends via the community projects they initiate on their return.' Tom Burstow, Environmental Engagement Manager, further added, 'We are already seeing the results of Investing in Nature. The direct impact of HSBC employees getting first-hand experience of conservation projects and scientists from developing countries receiving training, means that the understanding of conservation issues is increasing and helping to save some of the world's most threatened biodiversity hotspots'. As an advocate of the partnership, Leeann Mahoney, a UK HSBC Fellow commented, 'Earthwatch has opened my eyes to a whole new way of life and I now realise I am able to contribute to the environment beyond the obvious such as recycling.' Earthwatch engages people worldwide in scientific field research and education to promote the understanding and action necessary for a sustainable environment. Through their programmes and partnerships they: - engage people from diverse countries, cultures and organisations, inspiring them to take responsibility for the environment; - support objective scientific research which informs decisions on important environmental issues; - educate and motivate people to change their attitudes and behaviour. For more information about the Investing in Nature partnership contact: HSBC - Amanda Combes: amandacombes@hsbc.com Earthwatch - Tom Burstow: tburstow@earthwatch.org.uk www.earthwatch.org.uk/europe or www.hsbc.com/investinginnature ---- ACTIVITIES 3. UNEP FI/Global Compact Workshop Report UNEP FI and the Global Compact co-convened a workshop on Investors and Sustainability in September 2003. The overall objective of the workshop was to develop a global strategy for raising the awareness of mainstream investors. The report from the meeting is now publicly available and can be found at: www.unepfi.net/globalcompact. For more information please contact: Philip Moss: philip.moss@unep.ch ---- 4. UNEP FI Expands its Activities in Central and Eastern Europe UNEP FI is in the process of setting up a Central and Eastern European Taskforce in order to serve the needs of the finance sector in that particular region. The Taskforce aims at supporting and expanding the use of sustainable finance in Central and Eastern Europe. This forum will enable participants to share their best practices and build capacity in areas such as climate change, energy efficiency or EU environmental regulations. The definite work programme will be decided upon during a first face-to-face meeting in quarter 2, 2004. The secretariat is working closely with HVB Group, Bank Austria Creditanstalt and Emporiki Bank in promoting the Taskforce. Financial institutions or other interested stakeholders located in Central or Eastern Europe are very welcome to participate in the Taskforce. For more information please contact: regina.Kessler@unep.ch Or visit: http://unepfi.net/ceetf ---- 5. Publication of the Values to Value Report Publication date: February 27 In February 2004 UNEP FI will publish the Values to Value (V2V) report. This unique publication is designed to explain the relevance of corporate social responsibility for financial institutions and will help to integrate sustainability thinking and actions in their core activities. The report is a collection of articles on sustainable finance covering Asset Management, Climate Change, Sustainability Reporting and Indicators and regional perspectives from UNEP FI taskforces and conferences. "The Values to Value report represents the very best in thought leadership on the issue of finance and sustainable development. Whether your financial institution is just beginning on its environmental and sustainability management journey or it is tackling the most complex challenges of corporate social responsibility, I believe V2V has sound practical advice for you." V2V foreword by Michael Hölz, Chair UNEP FI For more information contact: Regina Kessler: regina.kessler@unep.ch ---- 6. UNEP FI - GRI Working Group on Performance Indicators (Environment) for the International Finance Sector January 21 - 22nd Geneva, Switzerland: The UNEP FI - GRI Working Group gathered for their second meeting in their work programme to development a GRI Sector Supplement (Environment) Pilot Version in 2004. An international working group of financial and non-financial participants from North America, Europe, Latin America, Africa and Australasia, joined UNEP FI and GRI for a two-day meeting to discuss the progression of the work programme to date and the objectives and structure of the work plan over the coming months. Having agreed in the first working group meeting in September 2003 to focus upon the environmental impacts of financial sector products and services for a selection of financial business lines, a very thought -provoking and invigorating discussion surrounding the specificity of those business lines, the product and services categories that would be examined within them, and the subsequent indicators adopted for their environmental impacts, emerged over the course of the two days. These discussions displayed the challenges of the desired work programme and the web of financial and environmental issues that need to be untangled, understood and agreed upon prior to the identification and establishment of indicators to meet the ultimate objective of the project. However, the high level of engagement of the participants during this productive meeting also demonstrated both a dedication to the work programme and a clear motivation of the working group as a whole to ensure the success of this project. The third working group meeting will be on May 6th and 7th at Swiss Reinsurance Facilities, Zurich, Switzerland. For more details contact: Niamh O' Sullivan, niamh.osullivan@unep.ch EVENT WIRE ---- 6. 'Creating the Climate for Change' - Sustainable Energy Finance Event June 1-2, 2004; Bonn, Germany Jointly organised by UNEP Energy, the UNEP Finance Initiative and Basel Agency for Sustainable Energy (BASE), this important two day gathering, also featuring the 5th BASE International Investment Forum for Sustainable Energy, will be an excellent networking opportunity for international financiers and project developers in the fields of renewable energy and energy efficiency. The event is being held in parallel with the prestigious International Conference for Renewable Energies (details below). For more information contact: forum@energy-base.org International Conference for Renewable Energies June 1-4, 2004; Bonn, Germany From June 1 to 4, Germany will host the International Conference for Renewable Energies, as announced by German Chancellor Gerhard Schröder at the World Summit on Sustainable Development in September 2002 in Johannesburg. Renewables 2004 will lend further impetus to the dynamic process launched in Johannesburg for the global development of renewable energy. For more information: www.renewables2004.de --- 7. Corporate Governance, Social Responsibility and Sustainable Investment Conference February 5, 2004; Rome, Italy A one day international conference organised by ABI - Italian Banking Association, the Forum per la Finanza Sostenibile and Eurosif - European Sustainable and Responsible Investment Forum. The purpose of the conference is to look at social responsibility through a different perspective, arguing how corporate social responsibility could integrate into corporate governance and what could be the role of investors. This is a complex theme that involves organizational arrangements, rules, controls and transparency. The conference will pick out and analyse the emerging dynamics in markets and in society as factors in corporate positioning and elements in corporate credibility. The morning session is reserved for invited delegates only; the afternoon session is open and free of charge. Confirmation is required. For more information from conference organizers contact: Gianna Zappi: g.zappi@abi.it Davide Dal Maso: dalmaso@finanzasostenibile.org Matt Christensen: mattc@eurosif.org NEWS ---- 8. South Korea Embraces Sustainability The interest in sustainability in South Korea is beginning to gain momentum. Eco-Frontier, a Korean based consultancy affiliated with Innovest Strategic Value Advisors, is conducting a survey to examine the future development of SRI and to find ways to facilitate the creation of SRI funds in Korea. The project is being conducted in association with ASrIA. http://www.sustainability.co.kr/survey/survey01.asp Meanwhile, Hyundai and Samsung have emerged as the first companies from South Korea to publish sustainability reports based on the GRI Guidelines. The addition of these companies brings the total number of GRI reporters up to 392 from 33 different countries. ---- 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 Initiative. United Nations Environment Programme Division of Technology, Industry and Economics Economics and Trade Branch Finance Initiative Unit Chief Editor: Paul Clements-Hunt Editors: Henry Thomas henry.thomas@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 2004 - UNEP FI