28 November 2002 at Gerling, Cologne
Worldwide, the number of weather extremes is rising. Natural disasters in developing countries and even the floods in Europe are just examples for this fact. People living in vulnerable areas of developing countries are the most affected by the effects of climate change. To reduce emissions of greenhouse gases (GHG), which are the main causes for climate change, national and international regulation is emerging. Climate change does not only affect communities and societies but also companies and the financial sector. Extreme weather events can ruin companies and destroy economical values. "We, the insurance industry and other institutional investors have begun to take climate and CO2 risks into consideration. Once we get this ball rolling, it can change the world", explains Gerhard Berz of the worlds largest re-insurer, Munich Re.
Approaches under Discussion
1. Carbon Disclosure Project: Leading finance companies are demanding that the top global 500 publish their GHG emissions annually and declare how their company approaches the problem of ongonig climate change. (www.cdproject.net)
2. The study "Values at Risk" by Innovest Strategic Value Advisors shows a clear correlation between a company's environmental behavior and its competitiveness, its profitability and its stock prices. (www.innovestgroup.com)
3. Shareholders increasingly campaign for climate protection at shareholders' general meetings. The quota of pro-climate voting shareholders at Exxon rose from 8.9% in 2001 to 20.3% in 2002. (www.ourfaiths.org/story.cfm?story=946)
4. A 10-point action plan for the voluntary commitment of institutional investors regarding climate protection has been encouraged in a study performed for the major British pension fund USS. Suggestions range from climate friendly real estate to investing their capital sustainable. (www.usshq.co.uk/srsi/thematic_engagement/framclim.htm)
Opportunities for the Financial Sector
There are indications that those
who make the investment decisions for billions of Euro, like insurers,
banks and pension funds, are increasingly realising that there is a link
between our climate, carbon risks and investment policies. Companies in
the finance sector are able to manage risks and to contribute actively
to the protection of our climate subsequently through their risk awareness
and following investment policies and decisions.
presentations & manuscripts
|10.00||Opening by Klaus Milke, board member of GERMANWATCH, board Foundation for Sustainability|
|10.20||Getting started: Introductory
Statement by Joachim Ganse, Director of Environmental Affairs at
|10.40||Brief introduction of all participants|
|Dirk Kohler, Gerling
GSDP: "Implementing Kyoto Mechanisms, contributions by Financial Institutions"
|Statement by Peter
Roderick, Friends of the Earth International
|Nick Robins, Henderson
Global Investors: "Henderson and the Carbon Disclosure Project"
|Statement by Niki
Rosinski, SAM Sustainable Asset Management
Claros Consulting: "Action Points: Institutional Investors and Climate
|Statement by Scott Flemming, UNEP Finance Initiatives|
|Aled Jones, Innovest
Group: "Environmental Behavior and Company Performance"
|14.15||Open forum to contribute key messages: Statements by participants.|
and next steps,
Summary and conclusion by Christoph Bals, GERMANWATCH
The workshop was organized in cooperation with Gerling Group. Additional funding was provided by the Federal Ministry for Environment, Nature Protection and Nuclear Safety and the Federal Environmental Agency.
Der Workshop wurde in Kooperation
mit der Gerling Gruppe durchgeführt.
Dieses Projekt wird finanziell vom Bundesumweltministerium und vom Umweltbundesamt gefördert. Die Förderer übernehmen keine Gewähr für die Richtigkeit, die Genauigkeit und Vollständigkeit der Angaben sowie für die Beachtung privater Rechte Dritter. Die geäußerten Ansichten und Meinungen müssen nicht mit denen der Förderer übereinstimmen.