UNEP Finance Initiative and EPA
Environmental issues have clearly become a new factor driving commercial risks and opportunities in the international financial services sector.
In recognition of this fact, the United Nations Environment Programme (UNEP) established its Finance Initiative (FI) in 1992 to promote sustainable development and environmentally sound business practices across the financial services sector. A number of major international financial institutions responded by working with UNEP to draw up statements of environmental commitment.
Under the Finance Initiative, UNEP, in conjunction with many of the largest and most respected international financial institutions, runs a number of events including an annual international conference, regional conferences and seminars, and distributes a regular newsletter.
These activities disseminate information about best environmental and sustainability practice throughout the industry and help institutions deal with the commercial issues increasingly raised by these issues.
UNEP FI is largely run by a Steering Committee with representatives from major financial institutions.
Following the success of the Melbourne Conference in February 2000, UNEP invited EPA to sign a Memorandum of Understanding (MOU) (Adobe PDF file, 617KB).
The aim of this MOU is to ensure that UNEP FI assists Australasian financial institutions in managing environmental issues. Under the MOU, EPA promotes the UNEP FI in Australasia on behalf of UNEP. This includes activities such as holding meetings, seminars and conferences in Australasia, establishing and chairing Australasian advisory committees on environmental issues in the financial services sector, and publishing regular newsletters.
The Australasian group of signatories are part of UNEP FI's Asia Pacific Task Force, which aims to support and expand sustainable practices in financial institutions in the Asia Pacific Region.
One element of the Asia Pacific Task Force, along with the Australasian Group and the Japan Group of signatories, is the Outreach Group, which aims to lead and coordinate various outreach programs within the Asia Pacific Task Force, but that are not operated directly by either of the established country groups.
Paul Clements Hunt, Co-ordinator UNEP FI, said:
"The UNEP Finance Initiative was founded in 1992 to promote the integration of environmental considerations into all aspects of the financial sector's operations and services. The initiative has grown rapidly since its initiation with more than 264 organisations committed to it. The core activities carried out under the initiative include the holding of regional outreach meetings and collaborations with regional and national banking associations, and similar groups. Engaging and promoting educational, research and information-sharing programs and projects, including holding an annual round-table meeting on emerging issues of interest to the international financial community. The Melbourne UNEP Financial Services Conference was one of the most successful regional activities UNEP has undertaken. UNEP FI has a productive and healthy working relationship with EPA Victoria and we feel that its strong local support in Australasia has and will continue to help UNEP assist the Australasian financial institutions in the coming years."
