Archived press release

Investment campaign targets city. norwich union under fire from foe

13 March 2000

Friends of the Earth has launched a grassroots campaign targeting Norwich Union. The insurance firm is under fire because of its poor environmental policies and extensive investments in polluting and environmentally destructive companies. The campaign aims to toughen up the insurance giant's almost non-existent ethical and environmental fund management policies.

The new campaign also aims to encourage pressure on pension fund trustees to adopt ethical fund management policies, in advance of new Government regulations entering into force in July. The campaign is part of a wider effort by Friends of the Earth to raise awareness about the key role of financial institutions in pressing for higher environmental standards in industry. Friends of the Earth wants to make a business case for financial companies to take the environment more seriously and will be encouraging the public to consider environmental issues when buying financial products.

Tony Juniper, Policy and Campaigns Director at Friends of the Earth, said:

“For far too long, financial services companies have thought they were immune from criticism of their environmental performance.

Those firms that continue to ignore environmental and other ethical questions place themselves at a grave disadvantage. They will suffer from increased business risk as environmental liabilities come back to haunt them. And they will find customers increasingly critical of their performance. Our new campaign may convince fund managers that the time when complacency was an option has passed”.

Friends of the Earth has produced a campaign pack on this issue. The pack is the latest in a series called Campaign Express, a free regular bulletin for people who want to take simple but effective actions on many environmental issues. Anyone can receive the pack, and subsequent mailings, by joining Campaign Express(call 020 7490 1555).

If you're a journalist looking for press information please contact the Friends of the Earth media team on 020 7566 1649.

Published by Friends of the Earth Trust