ceo_briefing_green

8/7/2019 ceo_briefing_green

1/8

Green FinancialProducts & Services:Current State o Play and Future Opportunities

Financial institutions are starting to see the

top line, money-making reality o delivering

sustainability to corporate and retail clients.

Theres nothing like a new, successul product

or service roll-out to get a bankers, insurers

or asset managers blood owing. Products that

gain traction in the market-place will delight

clients, add value, build careers and boost the

bonus pool. With a remarkable eco-Zeitgeist

capturing the public and corporate imagination

worldwide, fnancial institutions are rushing tomarket with new or re-packaged product and

service oerings rom green auto insurance

to innovative pro-eco mortgages and new

sustainability-backing investment unds. UNEP

Finance Initiatives North American Task Force

has taken a tour around the world o fnancial

services to assess whats in the market, what

the key trends are, whos innovating and what

products and services are persuading clients

to lend, buy, invest or insure. I you enjoy this

CEO Briefng then be sure to download the

ull study rom the UNEP FI website at www.

unepf.org.

Consumers are witnessing a ood o new fnancial products

and services geared towards rewarding and/or stimulating

environmentally-sustainable behavior and practices. No longer

relegated to niche markets, these green fnancial oerings are

appearing across all regions and banking sectors. The speed at which

new products are being launched, along with the range o dierent

product designs and eatures, has made it challenging or fnancial

sector stakeholders to keep abreast o developments, along with their

drivers and trends.

This briefng summarizes the fndings o a more comprehensive UNEP

FI study (download available at http://www.unepf.org/fleadmin/

documents/greenprods_01.pd), exploring currently available or

proposed green fnancial products and services. The studys scope

includes the North American market and key international markets,

with a ocus on green fnancial product and service development in

Europe, Australia and Japan. The ull review and inventory o products

leads to the identifcation o best practices, lessons learned and, as

oten as possible, actors that helped create successul (or ailed) green

fnancial products and services. This inventory and analysis, classifed

largely by sector, aims to provide North Americas fnancial communitywith a toolkit that can help fnancial institutions identiy and evaluate

environmental market opportunities that meet their business needs.

CEObriefngA document of the UNEP FI North American Taskforce October 2007

The Casefor GreenFinancial Products

While green fnancial product and service

opportunities vary across sectors and

markets, a business case or these items is

gradually taking shape. Tangible benefts to

green product/service development may

include:

Improved market share

Increased profts

Customer acquisition and loyalty

Higher employee satisaction and

retention

Reputational benefts (improved brand

image)

Positive media attention

Environmental awareness and benefts

Improved license to operate

Strengthened relationships and

partnerships with external stakeholders


2/8

2 UNEP FI Green Financial Products and Services

Drivers & Trends of Green ProductDevelopment

The demand or environmental products and services, particularly green fnancial products and

services, is on the rise in North America. Comparing this green evolution o North Americas

attitudes to those abroad, it becomes apparent why North Americas fnancial institutions have

been slower in oering green banking products and services. However, this comparison

indicates the direction in which new product and service oerings are headed.

Three overarching drivers and trends are

behind the emergence and growth o green

product and service demand:

Environmental Knowledge & Media

Coverage: The inormation age has enabled

an unprecedented understanding o the

severity, sources and implications o various

environmental challenges. Higher levels o media coverage about these issues, along with

multinational environmental campaigns and outreach initiatives have helped improve the

general publics understanding o the issues.

Environmental Awareness & Public Opinion : A relatively high degree o environmentalawareness and government support or environmental sustainability in Europe has driven

ever-growing consumer demand or eco-riendly products and services. Recent opinion

polls, corporate initiatives, and shareholder actions suggest a similar environmental

awakening is building momentum in North America.

Environmental Regulation & Legislation: Regulatory actions, particularly those which

provide price certainty in environmental markets and those that prohibit unsustainable

practices, can signifcantly stimulate demand or green products and services among bank

clients. In Europe, proactive governmental policy, such as the European CO2Emissions

Trading Scheme, German eed-in-taris or renewable energy and Dutch Green Funds, has

helped trigger both demand or, and development o, greener consumer options.

As environmental understanding and awareness grow in North America, along with the

emergence o more stringent environmental regulation, so too will the demand or products

and services aimed at ostering environmental sustainability. This demand will also expose

new business opportunities, leading to a diverse array o products and services in many

sectors. Organizations that have the oresight and capacity to tap into this desire by consumers

to aect positive environmental change may experience benefts ranging rom improved

corporate image to increased growth and competitiveness in the marketplace.

Given their intermediary role in the economy and ar-reaching customer base, fnancial

institutions will be well-positioned to beneft rom the design and marketing o new green

products and services, while urthering their contribution toward sustainable development.

Review of Green Products & Services

Until a ew years ago, most traditional banks did not practice green banking or actively seek

investment opportunities in environmentally-riendly sectors or businesses. Only recently have

these strategies become more prevalent, not only among smaller alternative and cooperative

banks, but also among diversifed fnancial service providers, asset management frms and

insurance companies. Although these companies may dier with regard to their stated

motivations or increasing green products and services (e.g. to enhance long-term growth

prospects, or sustainability principles on which a frm is based), the growth, variation andinnovation behind such developments indicate that we are in the midst o a promising drive

towards integrating green fnancial products into mainstream banking.

This product and service review is divided into the ollowing banking sectors:

Retail Banking

Corporate & Investment Banking

Asset Management

Insurance

Retail Banking

Green Mortgages: In general, green mortgages, or energy efcient mortgages (EEMs), provide

retail customers with considerably lower interest rates than market rates or clients who

purchase new energy efcient homes and/or invest in retrofts, energy efcient appliances

2007 Report

Green Financial Products

& ServicesCurrentTrends andFuture Opportunitiesin NorthAmerica

Preparedforthe NorthAmericanTask Force (NATF)of the

UnitedNationsEnvironment Programme Finance Initiative

According to a recent Yale poll, 75% o Americans acknowledge theirown behavior can help reduce global warming; and 81% eel it istheir responsibility to take action against this environmental challenge.According to the same study, 75% o the public is willing to purchase solarpanels, and 67% would consider buying a hybrid vehicle.

2007 Report






3/8


or green power. Banks can also choose to provide green mortgages by covering the cost o

switching a house rom conventional to green power, as well as include this consumer beneft

when marketing the product. These retail products come in dierent designs, some o which

have met more success than others.

Green Home Equity Loans: Reduced rate home equity loans, sometimes reerred to as second

mortgages, can help motivate households to install residential renewable energy (power or

thermal) technologies. In designing and oering these incentive-based products, a number o

banks have also partnered with technology providers and environmental NGOs.

Green Commercial Building Loans: Attractive loan designs and arrangements have started to

emerge or green commercial buildings, characterized by lower energy consumption (~15-

25%), reduced waste and less pollution than traditional buildings. Some appraisers are now

recognizing reduced operating expenses, improved perormance and longer lietimes

associated with these green unctions and eatures. Lower project costs improve net operating

income, a key actor when evaluating property using the income approach.

Green Car Loans: With below market

interest rates, many green car loans

encourage the purchase o cars that

demonstrate high uel efciency. The number

o these products has increased in recent

years, with the majority being oered in

Australia and Europe. Most green car loans

are being oered by credit unions, such as

mecu (see box 1), as innovative vehicle

lending has proven to be an ideal niche or

smaller fnancial institutions. .

Green Cards: A broad amily o green

products includes debit and credit cards

linked to environmental activities. Most

green credit cards oered by large creditcard companies oer to make NGO

donations equal to approximately one-hal

percent o every purchase, balance transer

or cash advance made by the card owner.

Annual Percentage Rates (APR) or afnity

cards normally range between 15-22%, and

many also charge annual user ees. Over

the past year, tying cards to a GHG oset program has become increasingly popular among

European fnancial institutions. This supplementary service can be implemented at little cost

to the fnancial lender, with the potential or sizeable fnancial and reputational returns. In

recent months, some banks have announced ambitious green credit card designs, including theBarclaycard Breathe (see box 2).


Green Project Finance: A number o banks have created service divisions, or teams,

dedicated to large-scale renewable energy project fnance, such as Rabobank Internationals

Project Financing Department, Barclays Natural Resources Team and WestLBs Global Energy

Team. By 2005, the majority o leading European banks had debt portolios that contained

committed lines to entirely, or partially, fnance renewable energy assets. Banks have alsostarted to employ innovative fnancing arrangements or large-scale clean uel and renewable

energy projects. Leaders in this space have achieved reputational benefts through media

exposure, public recognition and corporate responsibility awards.

Green Securitization: A variety o innovative

environmental securitization techniques have

begun to emerge, including: orest bonds

(see box); eco-securitization pilot programs;

and green mortgage-backed securities.

Green Venture Capital & Private Equity:

We increasingly see consideration paidto environmental issues when fnancing

companies through the capital market (IPOs

Product Case Study 1

mecus goGreen Auto Loan

In 2003, Australias mecu, the rst credit union in the world to becomea member o UNEP FI, took the lead in creating an innovative productpackage or its goGreen auto loan; a decision that quickly paid o. Foreach loan, the bank considers a GHG rating associated with the vehicletype, and provides a low interest rate accordingly. In addition, or the termo the customers loan, the bank also commits to osetting 100% o thecars CO

2emissions. Since the inception o its goGreen auto product,

mecu has seen a 45% climb in car loans.

Product Case Study 2

Barclaycard Breathe

Barclaycards new climate credit card is designed to provide discounts andlow borrowing rates to users, but only when they purchase environmentally-riendly products and services, such as energy ecient appliances or publictransportation passes. The bank will donate hal o Barclaycard Breathesater-tax prots to und carbon emission reduction projects worldwide. Theproduct was launched in association with Barclays Were in this togethercampaign to help British households reduce carbon emissions by one tonne,between 2007 and 2010.

2007 Report

Green Financial Products& ServicesCurrentTrends andFuture Opportunitiesin NorthAmerica



Forest Bond:

Lesson Learning Opportunities

A orest bond has recently been designed to und large-scale reorestationin Panama, which will improve water fow management and transport alongthe Panama Canal by trapping sediment and nutrients along its banks.The project will see re-insurers underwrite a 25-year bond, while requent

users o the waterway (such as Walmart) and investors will purchase thebond. It is expected that the long-term nature o the orest bond willeectively match the need or long-term assets by traditional investors.


4/8


and bond issues). In particular, banks can play a pivotal and proftable - role in assisting

with IPOs or clean technology providers, carbon credit developers and other frms marketing

environmental products and services. Banks can also establish a capital base or environmental

projects through specialized private equity units ocused on clean energy growth markets and

investment opportunities.

Green Indices: Some banks have recently developed indices that uctuate as uture

environmental opportunities and challenges emerge. For instance, ABN AMRO has developed

an equity index consisting o frms whose businesses address issues related to global warming

and the environment. This builds on a series o indices, created in 2006, which was based onindividual industries, including carbon abatement technologies, water, solar, ethanol, renewable

energy and natural gas. More recently, Merrill Lynch has developed an energy efciency index,

the only index to ocus solely on energy conservation and demand side management. The new

index identifes well-positioned market segments, with lower levels o energy consumption,

and thus smaller carbon ootprints.

Carbon Commodities: To date, carbon

market products and services have

largely been ound in Europe, driven

by the January 2005 implementation o

the EU Emissions Trading Scheme (EUETS); a scheme that has put over 12,000

European industrial sites, including some

US subsidiaries, under a carbon constraint.

In North America, only a ew banks

have taken steps towards participating in

the growing carbon market, including:

Goldman Sachs, Merrill Lynch, JPMorgan

Chase, Morgan Stanley, Citigroup and Bank

o America. Carbon fnance centers on the provision o equity, loans and/or upront or upon

delivery payments to acquire carbon credits rom Clean Development Mechanism (CDM) and

Joint Implementation (JI) projects. Most banks acquire carbon credits in order to serve theircorporate clients compliance needs, or to supply a tradable product to the banks trading

desks. Several European banks, namely HSBC, Barclays Capital, Fortis, and ABN AMRO, are

very active in this feld, employing a range o fnancing approaches to improve portolio

diversifcation, secure opportunities and hedge risks.

Asset Management

Green Fiscal Funds: Dutch banks currently beneft rom a government-led Green Fund

initiative, launched in 1995. By purchasing shares in a green und, or investing money in agreen bank, citizens are exempted rom paying capital gains tax and receive a discount on

income tax. Investors can thereore accept a lower interest rate on their investment, while

banks can oer green loans at a lower cost to fnance environmental projects. To date,

Rabobank has established one o the more successul green unds; in 2005, its und had

acquired 63,000 investors and provided 2 billion in green loans.

Green Investment Funds: Sustainable investment unds have evolved through three

generations, where the complexity o assessing investment eligibility rises at each level.

First generation unds solely employ exclusionary social and/or environmental criteria;

second generation unds use positive criteria that concentrate on progressive social and/

or environmental policies and practices; and third generation unds apply both exclusionary

and positive criteria to assess and select

potential investments, with a ocus on relative

perormance within a sector using a best-in-

class approach.

Carbon Funds: Collaboration between

multilateral development banks and private

fnancial institutions has led to the emergence

o a variety o carbon unds to help fnance

GHG emission reduction projects to curb

climate change. Acting as a collective

investment scheme, a carbon und receivesmoney rom investors to purchase CO

2

emission reduction credits (including, but not

Gaining Expertise in the Carbon Market: Best PracticeCase

BNP Paribas has widely recognised expertise in carbon nancing, and hassuccessully established a carbon credits portolio, exceeding 25 milliontonnes until 2012. The bank oers dierent types o carbon nance servicesat dierent stages o the project and Kyoto cycle: equity or o-take contractsat early project idea stage; project nance and export nance solutions atproject implementation phase; pre-nancing solutions (i.e. nancial loanbased on the uture proceeds rom sale o carbon credits) or registeredCDM/JI projects; and, at any stage o the project, o-take and derivativessolutions, allowing project developers to manage the price risk o theircarbon assets.

2007 Report




UBS (Lux) Equity Fund Eco Performance:

Since its launch in 1997, UBS (Lux) Equity Fund Eco Perormance hasbeen a segment leader. Within our years, total assets had reached nearlyUS$250 million, at which t ime it became one o the worlds largest greeninvestment unds, with the majority o assets being directed to eco/ socialleaders and the balance to eco-innovators. Driving the creation o thisproduct was an understanding that high eco-eciency can result in costsavings, which can lead to greater prots and attractive returns. By addingemerging environmental leaders to conventional investment strategies,

the und has invested in new and promising investment opportunities inthe areas o eco-innovation, such as those related to uel cell technology,organic supermarket operations, and improving water quality.


5/8


limited to, Certifed Emission Reduction credits (CERs) or Emission Reduction Units (ERUs))

rom existing emission reduction projects, or invest in new projects that will generate a stream

o CO2emission reduction credits. Where government-led carbon unds oer a compliance tool

or governments to meet their Kyoto objectives, private carbon unds oer regulated companies

a cost-eective compliance instrument, and also provide traditional investors with the potential

or cash returns and marketing and CSR opportunities.

Insurance

Green Insurance: This type o insurance typically encompasses two product areas: 1)

insurance products which dierentiate insurance premiums on the basis o environmentally-

related characteristics; and 2) those specifcally tailored or clean technology and emission

reducing activities. Examples o green insurance products include green auto insurance, where

the premium is linked to the use and thus environmental ootprint o the vehicle, and

green home insurance, where special rates are provided or energy efcient buildings or

carbon oset schemes are oered to help clients achieve carbon neutrality.

Carbon Insurance: There are many risks

inherent in emission reduction transactions,as well as low-carbon project assessment and

development activities. In response, some

fnancial institutions now oer insurance

products to manage carbon credit price

volatility. For instance, Swiss Re oers a

carbon-delivery insurance product based

on Emission Reduction Purchase Agreement

contracts, and AIG and Marsh oer coverage

on all traditional and Kyoto-specifc risks

associated with these riskier environmental

schemes. Swiss-Re has also created theContingent Cap Forward or Emissions

Reduction Trades, an insurance product that covers counter-party and delivery risks aced by

buyers o EU allowances, to ensure that carbon transactions are completed within a certain

cost range.

Summary of Key Findings by Sector

Retail BankingOpportunities in the retail banking sector are the most diverse. The real innovation in the

area o retail banking is not simply the introduction o new niche green products or retail

clients, but the integration o environmental incentives into mainstream oerings. These

should be aimed at encouraging private consumers and SMEs to pursue more sustainable

choices and practices, without requiring them to dramatically alter their liestyles or business

approaches.

Though experience with green mortgage products has made the process o valuing energy

savings clearer and more verifable, these fnancial products have, perhaps surprisingly, allen

short o industry expectations. According to some industry experts, this reality is at least

partially due to the lack o consumer awareness about the fnancial products.


Though to a lesser extent than their European counterparts, North American banks are

becoming increasingly involved in securing and contributing to green project fnancing

arrangements. The emergence o innovative project fnance instruments or large renewable

energy projects is being driven by increased attention to environmental sustainability and

national energy security, and the expansion

o regional green power markets, supported

through government initiatives (e.g. Renewable

Portoolio Standards, Product Tax Credits).

Valuable examples and lesson learning

opportunities are also emerging outsidethe traditional private banking space with

respect to fnancing priority environmental

2007 Report





Green Building Replacement and Upgrade Coverage

The Caliornia Firemans Fund has launched a rst o its kind Green-GardCertied Green Building Replacement and Upgrade Coverage. The productinsures customers investments in new, energy/water-ecient homes andgreen renovations or existing buildings. The scheme is also designed tooer property upgrades, with options to rebuild with green alternatives,including: EnergyStar rated electrical systems; interior lighting systemsthat meet LEED or Green Globe requirements; water ecient interiorplumbing; and EnergyStar qualied roo and insulation materials. In thecase o property loss, Green-Gard clients are visited by a LEED accreditedproessional, responsible or overseeing the repairs. In the case o incomeloss, due to the use o alternative power generating equipment, thiscoverage provides income reimbursement.

2007 Report




Though many European banks took an early lead in pursuingenvironmental market business opportunities, a number o North Americannancial institutions have made green nancial product commitments.Examples o those paving the way, through a combination o ambitious

environmental agendas and nancial commitments, include: Citigroup ($50billion), Bank o America ($20 billion), Morgan Stanley ($3 billion), GoldmanSachs ($1 billion) and Wells Fargo ($1 billion).


6/8


inrastructure. In particular, EcoSecuritization techniques are now being employed to gauge

the easibility o fnancing this natural inrastructure, which may enable the introduction o a

new debt instrument that uses the entire spectrum o natural assets as security.

In interviews, most banks currently consider climate change as the most important

environmental issue they ace. In response, carbon commodity products and services are

developing at an extraordinary pace, particularly among European and Japanese banks. The

innovation displayed by the ront runners in carbon fnance is based on their capacity to

identiy opportunities or carbon asset generation across all types o fnancing activities (e.g.

BNP Paribas)North American banks, the majority o which have not started activities related to carbon

fnance and emissions trading, are likely to ollow suit, especially once GHG emissions

regulations are implemented across Canada and the US. Once subjected to a carbon

constrained regime, North American banks will be driven to provide products and services to

help clients meet compliance, while also participating in market speculation

Asset Management

The scope o risk management practices in the Asset Management space is expanding,

whereby the extent to which these institutions are concerned with managing operational

and compliance risk now equals their concern or managing market and credit risk. Here,

challenges and opportunities exist or those who incorporate the entire spectrum o risk-related issues into their business practices.

In terms o uture product development, orward thinking asset management frms will likely

ocus on the management and growth o green unds. As shown in Europe, unds aimed at

supporting green business models can become mainstream and result in fnancial gain. In

some cases, government policy has played a critical actor in the success o certain green

unds, such as the Dutch Green Fund experience. In other cases, state-led initiatives were

unnecessary or these green products to emerge or achieve success, such as the UBS (Lux)

Equity Fund Eco Perormance experience.

Risk aside, the most orward-looking frms are also likely to provide broad consideration to

environmental issues when fnancing companies through the capital market, as well as when

providing IPO support to companies in the sectors o clean technology and carbon creditdevelopment services.

Insurance

Insurance is a sector where green versions are likely to grow signifcantly over the coming

years. Currently available products include some o the ollowing eatures: insurance

premiums linked to vehicle usage; coverage or LEED-certifed buildings; carbon neutral

home/auto insurance; coverage or environmentally vulnerable SMEs; coverage or price

volatility and Kyoto project risks; coverage or emission reduction credit guarantees; and ad-

hoc insurance products or renewable/clean energy projects.

Key Opportunities

Given that most green fnancial products and services have only recently emerged, it is

challenging to gauge, with any level o certainty, their current or potential success. However,

while green fnancial product and service opportunities will vary across sectors and markets, a

high-level overview o key opportunity areas can be perormed.

Emerging Market Opportunities or Green Financial

Products

Carbon Market: Carbon commodity products and services are developing at an extraordinarypace, particularly among European and Japanese banks. In these regions, setting up

emissions trading desks, oering cutting-edge derivative products based on carbon assets,

and investing and buying credits rom CDM and JI projects are all positioned to become

mainstream in one or two years. North American fnancial institutions that amiliarize their

stakeholders with the complexities o the carbon market will likely improve their reputations,

while ensuring that uture carbon market opportunities are accurately identifed and pursued.

Green Buildings: North Americas green commercial building sector is growing at an

unprecedented rate. By the end o 2006, over 6% o the US non-residential construction,

equivalent to approximately US$15 billion, was considered green, whereas only six years ago

this segment was less than 1%. In 2007, it is estimated that green building development will

actually reach a tipping point, where nearly two-thirds o US builders will opt or green overconventional designs.

2007 Report






7/8


Clean & Environmental Technology: Over the coming decades, tapping into clean energy

and environmental technology opportunities will continue to require innovative fnancing

packages, developed through a long-term lens. Along with the market valuation o the

environmental sector, global investment in clean technology companies expanded rapidly in

2006. By 2010, New Energy Finance predicts that the growing environmental industry will see

approximately US$100 billion in private equity deals around the world.

First Mover Opportunity or Green Financial

ProductsBanks can market the benefts o going carbon neutral, while selling products and services

required or customers to realize this goal. This is especially relevant to the retail banking and

insurance sectors.

Stakeholder Alignment Opportunities or Green

Financial Products

Financial institutions can become amiliar with the entire product value chain by partnering

with contractors and manuacturers to oer green fnancial products.

Financial institutions can align green fnancial product and service development with

ederal, provincial, state, regional, or municipal environmental and energy policies, targets or

incentives.Financial institutions can collaborate with environmentally-ocused non-governmental

organizations and academic groups to design and oer green fnancial products through:

afnity relationships; supplementary items in product packages; client workshops; and the

design o robust environmental lending criteria.

Marketing and Strategy

Opportunities or Green

Financial Products

Financial institutions could establish

a structured branding approach to green

fnancial products and servicesFinancial institutions should attempt to

understand and design green and conventional

banking products in the same manner. This is

particularly true when considering key product

enhancing eatures, such as: exibility, user-

riendliness, virtual access, ease o personal

management, bundled package options and

low-risk.

Financial institutions should identiy and

address barriers to green fnancial product

and service uptake. These barriers may include lack o product inormation and stakeholderawareness, inexibility o product design, or uncertainty on costs versus returns.

Financial institutions should undertake market research and analyses on the environmentally-

related needs and desires o individual customer segments, in order to ascertain which

groups are most likely to consider eco-products as complimentary to their liestyles, interests

and fnancial goals.

Financial institutions can attempt to overcome perception barriers and stimulate demand or

green products and services through creative, educational marketing campaigns.

Looking ahead, as more quantitative and qualitative track records emergeor green nancial products and services, some key questions should beasked when measuring product perormance and promise. For instance,does the oering:

Achievehighlevelsofnancialperformance?

Attractaparticularlylargenumberofcustomers?

Lastovertime,orneedtobere-launchedyearafteryear?

Raisetheenvironmentalawarenessamongallstakeholders,including

clients,shareholders,employeesandthecommunity?

ReceivepositiveattentionfromthemediaandenvironmentalNGOs?

Prompttheintroductionofmoreenvironmentalproductsandservices?

Improvebrandrecognitionandcorporateimageamongstakeholders


8/8


About the UNEP Finance Initiative

The United Nations Environment Programme Finance Initiative (UNEP FI) is a strategic public-

private partnership between UNEP and the global fnancial sector. UNEP FI works with over

160 fnancial institutions that are signatories to the UNEP FI Statements, and a range o partner

organisations,to develop and promote linkages between the environment,sustainability andfnancial perormance. Through a comprehensive work programme, regional activities, training

and research, UNEP FI carries out its mission to identiy, promote and realise the adoption o

best environmental and sustainability practice at all levels o fnancial institution operations.

2007 Report





UNEP FI North AmericanTaskorce Members

Tony Basson

Senior Manager, Environmental Risk

ManagementCIBC

[email protected]

Kim Brand

Senior Manager, Corporate Social

Responsibility

Scotiabank

[email protected]

Beth Gilroy

Vice President, U.S. Community & Public

Aairs

Bank o Tokyo-Mitsubishi UFJ

[email protected]

Vijaya Govindan

Director, Socially Responsible Investments

UBS Global Asset Management

[email protected]

Kaj Jensen

Public Policy - Environmental Initiatives

Bank o America

[email protected]

Sharon Maharg

Director, Sustainability Management

Global Origination

WestLB AG, New York [email protected]

Sandra Odendahl (Chair)

Director, Corporate Environmental Aairs

RBC Financial Group

[email protected]

Richard Pearl

Vice President, CSR Ofcer

State Street Corporation

[email protected]

Bhavna Prasad

Vice President, Environmental AairsJPMorgan Chase

[email protected]

Lillian Ranalli

Director, Corporate Environmental Aairs

Government and Community Relations

TD Bank Financial Group

[email protected]

Valerie Smith

VP, Environmental Aairs

Citigroup

[email protected]

Ula Ubani

Senior Manager, Corporate Responsibility &

Sustainability

Bank o Montreal

[email protected]

UNEP

Paul Clements-Hunt

Head

UNEP Finance Initiative

[email protected]

Lisa Petrovic

Programme Ofcer


[email protected]

Prepared By:

ICF Consulting Canada, Inc.

277 Wellington St. W.

Suite 808

Toronto, ON M5V 3E4

Contact:

Katie Sullivan

T: (416) 341-0783

F: (416) 341-0383

DisclaimerNoticeThe inormation containedin the report is meant orinormational purposes onlyand is subject to changewithout notice. The contento the report is providedwith the understanding thatthe authors and publishersare not herein engagedto render advice onlegal, economic, or otherproessional issues andservices.Subsequently, UNEP FI isalso not responsible orthe content o web sitesand inormation resourcesthat may be reerencedin the report. The accessprovided to these sitesdoes not constitute anendorsement by UNEPFI o the sponsors o the

sites or the inormationcontained therein. Unlessexpressly stated otherwise,the opinions, fndings,interpretations andconclusions expressedin the report are those othe various contributorsto the report and do notnecessarily represent theviews o UNEP FI or themember institutions o theUNEP FI partnership, UNEP,the United Nations or itsMember States.While we have made everyattempt to ensure thatthe inormation containedin the report has been

obtained rom reliableand up-to-date sources,the changing nature ostatistics, laws, rules andregulations may resultin delays, omissions orinaccuracies in inormationcontained in this report.As such, UNEP FI makesno representations as tothe accuracy or any otheraspect o inormationcontained in this report.UNEP FI is not responsibleor any errors or omissions,or or any decision madeor action taken basedon inormation containedin this report or or any

consequential, special orsimilar damages, even iadvised o the possibility osuch damages.All inormation in thisreport is provided asis, with no guarantee ocompleteness, accuracy,timeliness or o the resultsobtained rom the useo this inormation, andwithout warranty o anykind, expressed or implied,including, but not limited towarranties o perormance,merchantability andftness or a particularpurpose. The inormationand opinions containedin the report are providedwithout any warranty oany kind, either expressedor implied.

United Nations Environment Programme


International Environment House

15, Chemin des Anmones

CH-1219 Chtelaine, Genve

Switzerland

Tel: (41) 22 917 8178 Fax: (41) 22 796 9240

email: [email protected] website: www.unepf.org

ceo_briefing_green

Documents