December 30, 2008
On the 4th December 2008, five leading financial institutions signed up to the Climate Principles, new guidelines developed to deal with the risks and opportunities posed by climate change.
The initial take-up was not as wide as hoped, possibly due to the financial crisis. However, Banks Crédit Agricole, HSBC, Standard Chartered, and reinsurers Swiss Re and Munich Re in signing up to what the Climate Group describes as “the first comprehensive industry framework” to address climate change.
The Climate Principles address the management of operational greenhouse gas (GHG) emissions. More importantly, they provide strategic direction on managing climate change across the full range of financial products and services, including: research activities; asset management; retail banking; insurance & re-insurance; corporate banking; investment banking & markets; project finance.
March 31, 2008
There have been a record number of entries for the FT Sustainable Banking Awards this year, with 128 institutions in 54 countries submitting a total of 181 applications
The awards were created by the Financial Times and IFC, a member of the World Bank Group, to recognise banks and other financial institutions that have shown leadership and innovation in integrating social, environmental and corporate governance considerations into their operations.
The winners of the awards will be announced at a special dinner at the Dorchester in London on 3 June 2008.
January 25, 2007
London, 11 January: A group of investment banks is to investigate how best to include climate change in investment decisions.
The London Accord will seek to provide investors with more information on how best to make investments that address climate change. Sponsored by the City of London Corporation and BP, the project already has the support of investment banks including Morgan Stanley, Bank Sarasin, HSBC, Société Générale, Credit Suisse and Canaccord Adams.
“If you look at the field of climate change and investment decision-making, lots of people are aware of it and want to integrate it into their decisions. But not many people are sure of how you go about it,” said project director Jan-Peter Onstwedder, who was previously head of risk in BP’s supply and trading business.
Extract from Environmental Finance
November 23, 2006
A survey of investor has found their key concerns include workers conditions, involvement in arms trade and environmental pollution.
Extract from Environmental Finance:
London, 16 November: Ethical fund managers should favour companies that maintain high standards of working conditions in their supply chains, according to a survey of investors released this week.
UK investment management company Standard Life polled close to 1,200 of its ethical investors, asking them to rank the issues of most importance to them.
Workers’ conditions topped the rankings, which also revealed that the environment was a major concern among investors. The provision of pollution control products or services, and the development and use renewable energy, were placed second and third in terms of importance.
Standard Life Investments manages approximately £130 billion ($245 billion) of assets, £425 million of which is ethically invested. It uses the survey to adapt its investment policy in line with investors’ views on issues such as community involvement, employment policies, corporate governance, alcohol, gambling and animal testing.
The investors said fund managers should avoid investing in companies and countries with poor human rights records, companies involved in the arms trade, and those that are responsible for clearing tropical forests.