Work Streams

UNEP FI launched two new work streams in the field of Sustainability Management, Reporting and Indicators (SMRI) for the global financial services sector, in September 2003.

The two work programmes have built upon earlier work undertaken by the financial services sector in the field of sustainability management and reporting, such as EPI-Finance, SPI-Finance, VfU, FORGE I & II, and the draft guidelines produced by UNEP FI's previous Environmental Management and Reporting Working Group.

The two work streams are:

1. UNEP FI - GRI Working Group on Performance Indicators (Environment) for the Finance Sector

UNEP FI and the Global Reporting Initiative (GRI) co-convened a working group to finalize a GRI Financial Services Sector Supplement (Environmental Performance) for the international finance sector. This document will build upon and synthesize existing work on environmental performance indicators for the financial sector, through a globally applicable indicator set regarding the environmental impacts of financial sector products and services in the retail, corporate and commercial banking, insurance and asset management sectors.

Pilot Version 1.0 of the GRI Financial Services Sector Supplement (Environmental Performance) (PDF: 192 KB), was completed in the fourth quarter of 2004 and is now ready for a piloting process with international financial institutions.

Learn more about the UNEP FI / GRI piloting process.

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Regina Kessler

2. UNEP FI Stakeholder Forum on Sustainability Management & Reporting (SMR)

During 2001/2002, the UNEP FI Environmental Management and Reporting (EMR) Working Group developed a draft set of EMR guidelines which were presented at a major finance-sustainability conference in Paris, in January 2003. Following the event, a new SMR Guidelines Forum was created to finalise the draft guidelines, with a revised focus on sustainability issues as opposed to just environmental.

The newly proposed guidelines will be developed with particular reference to the needs of financial institutions in developing countries and transition economies.

Background: The take up of SMR by financial institutions especially in developing countries is still low whilst the financial sector plays an important role in sustainable development as intermediaries to the allocation of financial capital. UNEP FI identifies lack of awareness and capacity as the two main barriers hindering many financial institutions to implement SMR.

Report: Sustainability Management and Reporting: Benefits for Financial Institutions in Developing and Emerging Economies (PDF: 447 KB)

The Sustainability Management and Reporting project was completed in 2006 with the publication of the above report. The report sets out case studies that provide a clear insight into the commercial and environmental benefits of adopting the sustainability management and reporting principles, and ideas on capacity building in introducing SMR especially for financial institutions in developing and emerging markets. UNEP FI plans to develop this publication into its training programme for financial institutions in the future.

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