------------------------------------------------------------------------ UNEP Finance Initiative e-bulletin Issue 26 February 2004 www.unepfi.net/ebulletin Quote of the month: "There are countries where it's virtually impossible to do business without stepping over some ethical boundaries. Companies like Statoil are stuck between a rock and a hard place. If Statoil's competitors are willing to accept different ethical standards then Statoil loses out." - Peter Warren, CIO, Euronordic Kapitalforvaltning, Oslo, $238 million AUM. MEMBER SHOWCASE 1. Nedbank and Development Bank of South Africa Sign On; Join African Task Force 2. Greek UNEP FI Member Unveils Environmental Policy. ACTIVITIES 3. African Task Force Meets in Johannesburg; Defines 2004 Strategy. 4. UNEP FI - GRI Working Group on Performance Indicators (Environment) for the International Finance Sector EVENT WIRE 5. Creating the Climate for Change: Sustainable Energy Finance > Bonn, 1-2 June 6. UNEP FI Steering Committee Member to Speak at Dubai Summit 7. Asset Management in the EU Accession Countries > Prague, 29-30 March MEMBER SHOWCASE 1. Nedbank and Development Bank of South Africa Sign On; Join African Task Force UNEP FI welcomed two new African signatories to the Initiative at the African Task Force (ATF) AGM in Johannesburg, South Africa on February 6th. Nedbank South Africa and the Development Bank of Southern Africa (DBSA), have joined some 200 financial companies worldwide in signing the UNEP FI Statement on Sustainable Development. "Nedbank identifies with the vision of UNEP in its quest to ensure social and environmental responsibility, and within the guidelines of the UNEP FI, we aim to translate this into policy that will benefit our stakeholders and the environment in which we operate" said Adv. Selby Baqwa, Nedcor Group's Executive Head of Corporate Governance. "The Bank is committed to sustainable development. Becoming a signatory of the UNEP FI and part of its sustainable development and financial community network strengthens the inextricable relationship between people, planet and prosperity. The mandate of the bank supports the values and guiding principles of UNEP FI", Elsa Kruger-Cloete, DBSA. This marks a very important moment in UNEP FI's developing relationship with African financial institutions, recognising our commitment to enhanced collaboration with the African financial sector. It also highlights how successful UNEP FI regional task forces can be in bridging the gap between UNEP FI's international and regional activities. Hosted by Citigroup, South Africa, the signing ceremony was a symbolic link in this regard as Citigroup was one of the first international financial organisations to become a UNEP FI signatory. For more information contact: Niamh O'Sullivan: niamh.osullivan@unep.ch Or Visit: www.nedbank.co.za www.dbsa.org 2. Greek UNEP FI Member Unveils Environmental Policy Emporiki Bank's new environmental policy aims to improve its corporate ecological efficiency, minimize its environmental impact within the limits of its financial operation, and take advantage of new business opportunities for financing sustainable development. Highlights of their strategy include: - Monitor carbon dioxide (CO2) emissions caused by its business operation. - Integrate environmental considerations into the credit management policy. - Integrate the environmental dimension of Sustainability in the financial products offered. - Encourage environmental investment projects. - Evaluate environmental risks as part of our normal risk assessment and management process. - Encourage participation in "Voluntary Environmental Agreements" with stakeholders, aimed at strengthening the environmental awareness and preventing possible environmental degradation. For more information contact: Stella Kovlaka: kovlaka.s@emporiki.gr or pubrel@combank.gr Or visit: www.emporiki.gr ACTIVITIES 3. UNEP FI African Task Force (ATF) AGM: Johannesburg, South Africa February 6th, 2004, witnessed the second ATF AGM, hosted by Citigroup, in Johannesburg South Africa. ATF Chair, Co-Chair, and UNEP FI representatives were joined by more than 15 ATF members and associates to discuss the ATF work programme agenda for 2004. Very much a member driven initiative, the ATF will focus upon African membership recruitment, the development of group projects on e.g. risk management, and closer collaboration with international and regional governmental sectors during 2004. 2004 also marks a very exciting year in the development of the ATF, with the soon to be launched Sustainability Banking in Africa report, produced by the African Institute of Corporate Citizenship (AICC) Centre for Sustainability Investing (CSI), in association with UNEP FI ATF, and supported by IFC, Finmark Trust, Nedbank and Deutsche Bank. For more information contact: Niamh O'Sullivan: niamh.osullivan@unep.ch 4. 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 Centre for Global Dialogue, Zurich, Switzerland. contact: niamh.osullivan@unep.ch www.unepfi.net/gri EVENT WIRE 5. Creating the Climate for Change : Sustainable Energy Finance Bonn, 1-2 June - In conjunction with renewables 2004 - Featuring the 5th BASE International Investment Forum for Sustainable Energy Visit: www.sefi.unep.org/sef_bonn 6. UNEP FI Steering Committee Member to Speak at Dubai Summit Chris Bray, Head of Environmental Risk Management Unit, Barclays Plc., UK will be among the world's leading experts speaking on corporate social responsibility at the Middle East's first international forum on sustainable development to be held in Dubai on 25 and 26 April 2004. The Summit, led by the Dubai Development and Investment Authority (DDIA) and Shell, will feature presentations by international and regional business leaders, government officials and NGOs and discussions on best practices in CSR. 7. Asset Management in the EU Accession Countries Summit Prague 29-30 March Whilst the whole of Europe wrestles with the challenges of an ageing population and volatile stock markets, the nature of portfolio management is changing to an even greater degree in the EU Accession Countries as they work to meet the challenges of conforming to EU legislation. Attend the Asset Management in the EU Accession Countries Summit and discuss the key issues facing asset management in the EU accession countries For more information contact: Claire Escudier: cescudier@euromoneyplc.com Or Visit: www.euromoneyseminars.com/amun NEWS WIRE 8. Environmentalists prod banks on lending, Greg Morcroft, CBS.MarketWatch.com Last Update: 12:59 PM ET March 11, 2004 NEW YORK (CBS.MW) -- The Rainforest Action Network has urged 10 of the nation's largest banks to tighten lending standards for environmentally sensitive development projects. In a letter sent Wednesday, the environmental group asked that the banks meet or beat the policies and abide by the time frame for implementation that Citigroup the country's biggest bank, agreed to earlier this year. The group urged the 10 banks to end all financing for logging, energy and mining projects in endangered ecosystems and to guarantee indigenous peoples the right of "prior informed consent" regarding projects on their lands. The group also urged an immediate ban on funding any coal projects and called on banks to provide and promote retail financial products, including mortgages to encourage mainstream adoption of clean energy sources. In addition, the Rainforest Action Network is seeking that the banks commit to independent third-party chain-of-custody certification in regions where over 50 percent of logging is illegal. "Mega-banks should be environmental leaders, not laggards," said Ilyse Hogue, director the Rainforest Action Network's global finance campaign. "If mounting scientific evidence does not compel them to act, then mounting public pressure will." The letter was sent to: J.P. Morgan Chase Bank One Bank of America FleetBoston Financial Wells Fargo Goldman Sachs John Hancock Financial Wachovia U.S. Bancorp SunTrust Banks ------------------------------------- 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 e-bulletin is a monthly publication of the United Nations Environment Programme Finance Initiative. Editor: Henry Thomas > fi@unep.ch United Nations Environment Programme - Division of Technology, Industry and Economics - Economics and Trade Branch - Finance Initiative Unit 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