------------------------------------------------------------------------ Issue 31 August 2004 http://www.unepfi.net/ebulletin - (Original Version) "Pension funds have liabilities which last several decades so it's inevitable that the serious social and environmental issues........will increasingly become material investment issues as well" - Sir Graeme Davies, Chairman of the Universities Superannuation Scheme Ltd, ACTIVITIES 1. EMERGING MARKET INVESTMENT PROJECT 2. RISKS OF WATER SCARCITY: A BUSINESS CASE FOR FINANCIAL INSTITUTIONS MEMBER SHOWCASE 3. UNEP FI WELCOMES A NEW SIGNATORY: ALPHA BANK EVENT WIRE 4. LAUNCH OF THE CENTRAL AND EASTERN EUROPEAN TASK FORCE 5. EU EMISSIONS TRADING 2004 NEWS 6. US POWER GIANTS FACE LANDMARK CLIMATE LAWSUIT 7. NEW REPORT ON ‘ENVIRONMENTAL DISCLOSURE IN THE FTSE ALL SHARE’ 8. NEW INVESTORS GUIDE TO CLIMATE RISK 9. TWO-THIRDS OF U.K. INVESTORS INTERESTED IN SOCIALLY REPONSIBLE INVESTMENTS ACTIVITIES 1. Emerging Market Investment Project Invitation to Participate: UNEP FI is in advanced negotiations with a group of governmental funders to start a two-year programme focusing on emerging market investment. The aim of the project is to identify what the drivers and barriers are for institutional investors globally to increase stable and sustainable investment in emerging markets and the changes needed to overcome these barriers. Particularly, the project will investigate the benefits of applying social, environmental and corporate governance criteria as a risk reduction tool for such investments. A working group of financial institutions from all continents will be established for the project by November 2004. Financial institutions and other groups or individuals who have a specific interest in the field or would like to find out more about the project, please contact: Cecilia Bjerborn: Cecilia.Bjerborn@unep.ch 2. Risks of Water Scarcity: A Business Case for Financial Institutions From the 15th of August until the 22nd, Stockholm will be the host city of the World Water Week, a dialogue platform where governments, academia, NGOs, private sector, and civil society come together in the search for sustainable solutions for managing water resources. UNEP FI - SIWI will play a part into this dialogue by presenting the main findings of the project "Risks of Water Scarcity: A Business Case for Financial Institutions" which is financed by the Swedish International Development Cooperation Agency (Sida) and offering a constructive dialogue with financial institutions, development agencies and other stakeholders on August 17th, from 9:00 am till 12:00 pm at the City Conference Centre located in “Folkets Hus” at Norra Bantorget in Stockholm. Interested financial institutions and other stakeholders are invited to participate in this project by sharing their experiences on how water scarcity in their selected regions has affected/increased risks to financial institutions. For more information please contact Johan Kuylenstierna (johan.kuylenstierna@siwi.org) at SIWI or Alberto Pacheco Capella (alberto.pacheco@unep.ch) at the UNEP FI Secretariat. MEMBER SHOWCASE 3. UNEP FI Welcomes Alpha Bank as a New Signatory http://www.alpha.gr Alpha Bank, founded in 1879, is the second largest Bank in Greece with offices in South Eastern Europe and Cyprus. Alpha Bank offers a comprehensive range of financial services to private and corporate customers. With approximately Euro 32 billion in assets, more than Euro 2 billion in equity, Alpha Bank generated Euro 284 million in profits after tax and minorities in 2003. Alpha Bank is the Official Bank of the ATHENS 2004 Olympic games. Alpha Bank acknowledges that economic growth is directly related to the viability of the ecosystem. It recognizes its responsibility to actively work towards environmental protection and conservation of natural resources. It is committed to reduce the environmental impact, direct and indirect, stemming from its operations. For more information contact: Michael Massourakis: dom@alpha.gr EVENT WIRE 4. Launch of the Central and Eastern European Task Force (CEETF) Budapest, 27 September 2004 UNEP FI will officially launch the newly formed CEETF, in Budapest on the 27th September, during the Green Power Central & Eastern European conference. UNEP FI, in collaboration with Sustainable Energy Finance Initiative (SEFI), have organised a one day renewable energy finance workshop to discuss sustainable finance topics, i.e. successfully managing financial risks of renewables projects, attracting venture finance and micro finance, and exploring the opportunities of carbon finance. The agenda is embedded in two sessions of broader context: a policy debate on renewable energy regulations in CEE and a closing roundtable on future renewable energy financing strategies. We would like to invite all signatories and stakeholders with interest in the growing market of Central and Eastern Europe to learn from experienced finance practitioners about the regional particularities and the opportunities of financing renewable energy projects. A 10% discount on the participation fee will be offered to UNEP FI signatories indicating their membership on the Green Power registration form. (*SEFI is a partnership between UNEP FI, UNEP Energy and the Basel Agency for Sustainable Energy (BASE), a UNEP collaborating centre). For further information, visit: http://www.greenpowerconferences.com/events/UNEPFIagenda.htm or contact Regina Kessler: regina.kessler@unep.ch 5. EU Emissions Trading 2004 Brussels, 20 & 21 October 2004 This conference, from Environmental Finance Publications, will provide an in-depth examination of the EU ETS - the implications for industry and the environment, outstanding problems/concerns, prospects for trading activity and carbon prices. PLUS case studies from major affected companies. For Further Information visit: http://www.environmental-finance.com NEWS 6. US power giants face landmark climate lawsuit Eight states and New York city have launched an unprecedented civil action against five of America's largest power companies, demanding that they cut carbon dioxide emissions because of global warming. http://www.guardian.co.uk/international/story/0,3604,1266214,00.html 7. New report on ‘Environmental disclosure in the FTSE All Share’ The Environment Agency today revealed the results of the first study of environmental disclosure within the Annual Reports and Accounts of FTSE All Share companies. The basic findings of the report indicate that the vast majority (89%) of companies discuss some aspect of their interactions with the environment. However, closer examination of these disclosures revealed that the majority lack depth, rigour and quantification and few could be described as comprehensive, or adequate for shareholders to properly assess environmental risks or opportunities. You can download the Summary Report and Full Report by clicking on this page: http://www.trucost.com/FTSEdisclosure.html http://www.environment-agency.gov.uk/business 8. New Investor Guide to Climate Risk A new Investor Guide to Climate Risk, released by the Investor Network on Climate Risk (INCR), is an on-line guide available for the first time today that advises investors on addressing the financial risks and investment opportunities posed by global warming. The guide has links to nearly 50 resources for investors, fund managers, and companies seeking to evaluate and mitigate climate risk. The Guide has been released as a web-based document at: http://www.incr.com 9. Two-Thirds of U.K. Investors Interested in Socially Responsible Investments The U.K. public opinion research firm MORI interviewed U.K. investors about their interest in ethical investments and finds that two-thirds are interested in socially responsible investment (SRI), while one-quarter believe SRI funds will have lower returns than traditional investment funds. The MORI survey can be found at: http://www.mori.com/polls/2004/pdf/friends-provident.pdf 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 Editor: Henry Thomas henry.thomas@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