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09 Oct 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."
Copies of the report at:
www.unepfi.net/cc/ceobriefing_ccwg_unepfi.pdf
Contact details:
Friends of the Earth
26-28 Underwood St.
LONDON
N1 7JQ
Tel: 020 7490 1555
Fax: 020 7490 0881
Web: www.foe.co.uk/feedback.html
Media team
