UNEP unveils new vision for a global financial system
A new UNEPreport released at the International Monetary Fund/World Bank Annual Meetings outlines how the assets of the world’s financial system can be harnessed for sustainability. The report finds that a ‘quiet revolution’ is currently underway, as financial policymakers and regulators take steps to integrate sustainable development considerations into financial systems to make them fit for the 21st century. They state that momentum is building and is largely driven by developing and emerging nations including Bangladesh, Brazil, China, Kenya, and Peru, with developed country champions including France and the UK. Amplifying these experiences through national and international action could channel private capital to finance the transition to an inclusive, green economy and support the realization of the Sustainable Development Goals, the report says. Achim Steiner, UN Under-Secretary-General and Executive Director of UNEP said: “UNEP’s Inquiry has for the first time compiled and analysed inspiring initiatives from across the world that seek to better align the financial system with sustainable development, showing that there is much to be learnt from the developing world.” (UNEP)
Haze prompts Singaporean banks to set ESG financing guidelines
The Association of Banksin Singapore (ABS) has issued guidelines on responsible financing, roping in lenders in the fight against the haze as well as other environmental and social challenges. To help Singapore’s banking sector support sustainable development, the guidelines incorporate environment, social and governance (ESG) criteria into the banks’ risk assessment and lending decision-making process, as well as drive greater transparency and accountability on ESG issues, the ABS said. The guidelines call on the banks to provide disclosure of senior management’s commitment to responsible financing, integrate governance and build capacity on responsible lending among banking staff through training and seminars. Banks will share their vision on responsible financing in their annual reports and publish their ESG policy framework in 12 to 18 months’ time. Eight banks have expressed their commitment to the efforts, including Singapore’s three local lenders — DBS, UOB and OCBC — and HSBC, Standard Chartered, Citibank, ABN Amro and Deutsche Bank. (Today Online)
Corporate Reputation
Four more carmakers join diesel emissions row
Mercedes-Benz, Honda, Mazda and Mitsubishi have joined the growing list of manufacturers whose diesel cars are known to emit significantly more pollution on the road than in regulatory tests, according to data obtained by the Guardian. “The issue is a systemic one” across the industry, said Nick Molden, whose company Emissions Analytics tested the cars. It was revealed last week that diesel cars from Renault, Nissan, Hyundai, Citroen, Fiat, Volvo and Jeep all pumped out significantly more NOx in more realistic driving conditions. All the diesel cars passed the EU’s official lab-based regulatory test, but the test has failed to cut air pollution as governments intended because carmakers designed vehicles that perform better in the lab than on the road. There is no evidence of illegal activity, such as the “defeat devices” used by Volkswagen. “The VW issue in the US was purely the trigger which threw light on a slightly different problem in the EU – widespread legal over-emissions,” Molden said. (Guardian)
Campaigns
#ClimateChangeIsReal campaign continues to be a hit online
A viral social media campaign, #ClimateChangeIsReal, was launched on Earth Day in April this year. Discussed at a SXSW Eco workshop this week, the campaign taps into people’s fascination with celebrity culture and online ‘memes’ to raise awareness about climate change and make climate action mainstream. Organized by Here Now, a project of social cause agency Purpose, the #ClimateChangeIsReal initiative reached about 235 million tweets within two weeks of its launch in April, and continues to see about 500 new posts on Twitter each week. Pop culture icons as diverse as Brad Pitt, Richard Branson and Paul McCartney – and corporations such as Nike, Ikea and Unilever – have joined the climate conversation using the viral hashtag. Rather than share doom and gloom statistics, #ClimateChangeIsReal leverages humour. And rather than being publicly led by a single organisation, more than 200 non-profit organisations, 75 artists, 50 corporate partners, and a slew of celebrities and individuals have joined in as ‘digital influencers’. (Triple Pundit)
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