Archived press release

Financial sector must act on climate change

9 October 2002

Friends of the Earth today welcomed the UN Environment Programme's Finance Initiative report providing recommendations for policy makers and chief executives from the financial sector on their role in tackling climate change.

The report states that "climate change poses a major risk to the global economy". Global damage costs from weather events are doubling every 10 years and will reach nearly $150 billion in the next decade. And extreme weather is only part of the global warming story.

Two weeks before the next round of UN climate talks begin in New Delhi, the report acknowledges that the Kyoto Protocol "does not go nearly far enough" and that policy makers must "reach consensus on a global framework for climate stability based on precaution and equity".

The report also sets outs recommendations for financial institutions, associations and professionals, including that they should "incorporate climate change considerations into all their business processes" but notes that "many are unaware of the gravity of the issue, or see not financial reasons to tackle it."

Kate Hampton, Friends of the Earth International’s climate campaigner, said:
"This report is a call to action for the financial sector. Until now, many have buried their heads in the sand and failed to address the threat posed by climate change. Millions of people are at risk from its devastating impacts, and this will inevitably affect their core business. If the financial sector takes this report seriously, chief executives will stop investing in fossil fuels and start lobbying President Bush to reverse his disastrous position on Kyoto."

Notes

Copies of the report at: www.unepfi.net/cc/ceobriefing_ccwg_unepfi.pdf

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Published by Friends of the Earth Trust