Queens’ College, Cambridge, United Kingdom
17 - 18 September 1998

Preface by Dr. Klaus Töpfer, Executive Director, United Nations Environment Programme
Address by the Rt Hon. Michael Meacher MP, Minister for the Environment, United Kingdom

1. Introduction
Linda Descano, Chairperson, Steering Committee of the Financial Institutions Initiative
Mike Kelly, Co-ordinator of the Financial Institutions Initiative, UNEP

2. The Role of Financial Institutions in Influencing Environmental Stewardship
Derek Wanless, NatWest Group
Steve Robinson, Environment Council
Steve Viederman, Jessie Smith Noyes Foundation

3. Setting the Rules - The Role of External Constituencies
Mark Joyce, U.S. Environmental Protection Agency
Isaura Frondizi, Banco Nacional de Desenvolvimento Economico e Social
Ann Goodman, Tomorrow Magazine

4. Excellence in Environmental Management
Otti Bisang, Credit Suisse
Peter Charnley, NatWest Group
Tim Murphy, European Bank for Reconstruction and Development

5. Climate Change and Finance
Jan Olaf Willums, Storebrand
Frank Joshua, United Nations Conference on Trade and Development
James Cameron, Foundation International Environmental Law Development

6. Environmental Disclosure and Accounting
Margaret Murphy, Shearman and Sterling
Roger Adams, Association of Chartered Certified Accountants
Jacqueline Aloisi de Larderel, United Nations Environment Programme
Pamela Castle, Cameron McKenna

7. Pricing Risk in Credit and Investment
Tessa Tennant, NPI G.C. Investments
Peter Waite, Lloyds/TSB Group
Tony Wheeler, Deutsche Bank

8. Investment Research / Asset Management
Paul Hilton, The Dreyfus Corporation
Marta Suranyi, Forum for the Future
Jonathan Barber, Safety and Environmental Risk Management Rating Agency
Inge Schumacher, UBS

9. Lending Policies and Practices
Evan Henry, Bank of America
Chris Bray, Barclays Bank
Bart Jan Kroewel, Rabobank

10. Project Finance / Structured Financing
Alfred Musial, Bank Handlowy
Todd Hanson, International Finance Corporation
Sven Hansen, UBS Warburg Dillon Read

11. Adding Environmental Value to Financial Products and Services
John Ganzi, Environment and Finance Research Enterprise
Walter Howes, EBI Capital Group LLP
Penny Shepherd, UK Social Investment Forum

List of Participants
Acknowledgements, Session Managers and Sponsors

Since 1991, the United Nations Environment Programme (UNEP) has worked with commercial banks in trying to understand and catalyse industry awareness of the financial and social implications of environmental problems. We are aware in UNEP that commercial banks cannot and should not be expected to act as environmental policemen, monitoring and enforcing regulatory compliance among your borrowers. That is not the role of lenders. However, we do believe that - as key economic actors - the more you know about environmental risks and opportunities, the better. The more you begin to view the environmental sector as an arena either to make money, through smart lending and investment practices, or not to lose money, by avoiding investments with potentially costly environmental risks, the better. And the more closely the financial services sector integrates environmental considerations into everyday economic practices, the closer we move to realising the economic imperative which underlies sustainable development.

That is why we at UNEP aim to act as a catalyst to bring to light the financial relevance of environmentally progressive laws and standards and the emerging financial opportunities in the environment sector. We also want to serve as a catalyst, which drives more financial institutions towards the modern banking philosophy, that you can achieve sustainable development and still be highly competitive. There are lots of win-win solutions to our problems.

We have had a history of working with partners and this catalytic role extends to environmental reporting. Here we are looking for the financial institutions to take a lead. Not just by reporting their own environmental performance, for that should be the minimum that all signatories commit to undertake. But also through their business practices and asking for this level of transparency from their customers.

In 1995, official development assistance reached US$ 59 billion, equivalent to only 0.3% of GNP of OECD development assistance committee member countries. At the same time, the global market for environmental investments, including those in power, water, manufacturing and industry, the traditional homes for private sector investment, was estimated at US$ 300-600 billion. As the most important contributor of capital and credit, the signals you send to your clients about the relationship between environmentally sound management practices and investment and credit, can be important incentives for pursuing sustainable development. Your institutions are themselves an economic instrument. Furthermore, in your leadership role, your management practices, such as paper saving and energy efficiency, also provide a powerful example of the economic benefits of environmental stewardship.

And these signals that you will be sending to your borrowers are not false alarms. The fact is that risk management and the growing environmental products and services market is your reality. You can provide the right signals to businesses and at the same time decrease your level of potential environmental risk and increase your chances for gaining investment opportunities in emerging and growing environmental markets. The maturity of the Initiative means that you now have the practical skills and must have the proactive will to take this debate forward.

UNEP in collaboration with the United Nations Conference on Trade and Development (UNCTAD) with whom we have a very productive partnership has expertise in the areas of environmental disclosure and accounting that can help you achieve these aims. I hope that the new profile that we are developing for UNEP will enable us to progressively develop the secretariat to the Initiative in the future, and to have a closer and productive working relationship with the Insurance Initiative.

Green Chip Companies Are a Blue Chip Investment
Companies that manage their environmental impacts effectively are often better managed generally, and fund managers are now picking them as long-term winners. Looking to underlying strengths and effective disclosure of environmental as well as broader performance has proved its worth in the recent falling financial markets. Green chips are now as significant as blue chips.

The Socially Responsible Investment Index (SRII), launched by NPI G.C. Investments in May 1998, aims to select companies on environmental and social as well as financial performance. Since its launch, the SRII has outperformed the FTSE all-share and has continued to do so during the turbulence of recent weeks. At the end of August, the FTSE Index had fallen by around 11% compared to the end of June. The SRII had fallen by some 5% over the same period. And I know there are other examples.

This is one of the fastest growing sectors of the UK unit trust industry. Perhaps here the ethical investors have something to teach the broader investment industry. The agenda is increasingly about integrating environmental management into the heart of business decision making, not having it as a soft add-on extra.

Linda Descano, Chairperson, Steering Committee of UNEP’s Financial Institutions Initiative & Salomon Smith Barney

Mike Kelly, Co-ordinator of the Financial Institutions Initiative, United Nations Environment Programme (UNEP)

At the Fourth International Roundtable Meeting on Finance and the Environment over 108 financial institutions gathered, joined by delegates from 18 government ministries as well as representatives from the business, foundation, and public interest communities, bringing the total audience to about 230. In the true spirit of the United Nations, we had over 35 countries represented from virtually every corner of the globe – from Brazil and Costa Rica to Bangladesh and China, Australia to Israel, Peru to Jordan, and the United States to the United Kingdom.

This is a far cry from the small group of banks that gathered for our first roundtable meeting in Geneva just a few years ago. The continued level of interest in the Financial Institutions Initiative underlines the growing importance of environmental and sustainability issues to commercial enterprise – whether undertaken by public or private parties and therefore to how we in the financial industry price risk, whether for the purpose of extending credit, managing investment portfolios, or underwriting insurance. It also reflects the increasing demand on the part of some in government and indeed civil society that financial institutions – whether acting in the capacity of lenders, intermediaries, or insurers – take a proactive role in advancing the fundamental tenets of sustainable development, particularly in consideration that private capital represents the principal engine for growth in transitional and emerging economies. We can expect our public accountability on such matters to only grow more intense as the principles of the Kyoto protocol on climate change become more clear.

This is a formidable challenge to our industry, but one made less so through our partnership with UNEP. By combining UNEP’s 25 years of environmental expertise and our knowledge of financial analysis, we have been able to catalyse industry awareness of the global environmental agenda, to create a framework for applying environmental value creation and risk factors in our products and services, and to promote the application of environmentally responsible practices in our own office operations.

There is no doubt that we still have a long way to go before the environment becomes fully integrated into mainstream financial analysis at all levels. However, as an industry, we have made tremendous progress since the launch of this partnership in 1992. This, for example, includes that 115 financial institutions and 78 insurance companies have endorsed the underlying principles of the Initiative and made a public commitment to integrating environmental and sustainability considerations into their products, services and operations. In addition, regional and national banking associations are actively working with the Initiative to organise meetings for their members on the relevancy of environment matters to credit and investment analysis. Over the past year, we have undertaken such meetings in Singapore, Spain, Italy and the Netherlands and we are scheduled to hold similar events for bankers in South Africa, Central America, and Australia over the next six months. The New York Society of Security Analysts has implemented its first-ever seminar series on the linkages between a company’s environmental practices and its competitiveness, while the European Federation of Financial Analyst Societies has published a guidebook for its members on how to incorporate eco-efficiency in their company analyses.

Outside of the financial industry, organisations ranging from the World Business Council on Sustainable Development to the Global Environmental Management Initiative and from the National Wildlife Federation to the World Wide Fund for Nature have taken steps to improve the relevancy of their environmental communications with the financial community, in an effort to foster the integration of such factors in our day-to-day practices. As well, governmental institutions such as the European Commission and the U.S. Environmental Protection Agency are exploring how they can promote the financial industry’s recognition of environmental issues.

During the Fourth International Roundtable Meeting, we explored the implications of these trends to the functions we perform, the markets and regulatory environments in which we operate, and our own corporate culture and public image. This report reprints the summarised presentations from our colleagues on effective strategies for pricing environmental risk in credit and investment, examining the latest developments in the fields of environmental disclosure and accounting and exploring the implications to the financial analyses we make. It discusses the role of external constituencies in shaping our operating practices and considers the implications of the Kyoto protocol and climate change mitigation measures on political and market risk.

Those of us on the Steering Committee of the Initiative were happy to hear your views at the roundtable meeting which enabled us to continue to develop programmes that meet your needs as bankers and that reflect the expectations and interests of those of you from our stakeholder constituencies. For we can only affect a substantive change on the norms and attitudes in both the private and public sectors with regard to sustainable development if we work together in a co-ordinated and constructive manner.

Derek Wanless, Group Chief Executive, NatWest Group

The NatWest Group considers the environment as a serious business issue and became a founding signatory to the UNEP Statement by Banks on Environment and Sustainable Development in 1992. It became clear that it was inappropriate for NatWest to "demand" action from others to improve their environmental performance if its own house was not in order. In 1992, it thus produced its first Group-wide environmental review and now has monitorable objectives.

The NatWest Group is responding in various ways to the UNEP Statement: It supports the general principles of sustainable development, with policies recognising that financial growth and a healthy environment go hand in hand. It has been involved in discussions and policy development. The precautionary principle has guided its policy and management system, including setting energy management targets, improving paper product use, developing banking products which promote environmental protection, and publishing annual environmental reports since 1993. Responses to the Statement’s goals continue to develop.

In all this, the NatWest Group recognises its limitations. It is not possible for financial institutions to police the environment. But banks can and do have influence. By taking the matter seriously themselves they can demonstrate the commercial benefits to any enterprise. Financial institutions have an influencing role - one of partnership, ensuring that business sense continues to make environmental sense.

Steve Robinson, Chief Executive, Environment Council

The Environment Council is an independent charity dedicated to enhancing and protecting Britain’s environment through building awareness, dialogue and effective solutions. It aims to engage business and civil society in identifying the real challenges surrounding sustainable development and offers a process by which progression towards corporate environmental sustainability may be achieved.

Identifying the real challenge means knowing corporate Key Survival Issues (KSIs) and then devising inclusive strategies to manage them in the long term. All KSIs can be grouped around three themes: resources, innovation and values. When considering resources, the capacities of sinks are generally less well understood and need to be factored into long term decision making. For innovation it is the potential for outside industries to take market share that is a hazard and in values the "emotional" aspect is often not acknowledged.

The inclusive stakeholder approach is less costly when all aspects of the costs of confrontation are considered. It does not remove the decision making responsibility from business but, by using this approach, allows potential barriers to be identified and overcome.

Steve Viederman, President, Jessie Smith Noyes Foundation

The Jessie Smith Noyes Foundation engages in mission-related investment (MRI), trying to reduce the dissonance between grant-making values and asset management. It aims to add value to its grantmaking with its investments by redefining the concept of fiduciary responsibility, taking into account the social, political, cultural, environmental and other consequences of investments.

In the United States, MRI is legal for foundations and non-profits and has a reasonable competitive financial rate of return. Its effectiveness depends upon which instruments are being judged and who is investing.

Key barriers to moving forward MRI are psychological/cultural, political and "theological". There is uncertainty about what needs to be done to improve these matters. There are differences between what people value and how they behave - vocation and avocation seem to be separated.

People must begin to use the language of sustainability more precisely. Fiduciary responsibility should be subsumed under the broader tenet of social responsibility, and people must be certain that their behaviour is consistent with their beliefs, while working toward helping others to join them.

Mark Joyce, Staff Director, U.S. Environmental Protection Agency (EPA)

The Environmental Protection Agency (EPA) of the United States is charged with protecting human health and improving the environment. It tries to force companies to internalise environmental costs so that society does not have to pay for them.

At first, the EPA operated by command and control, with statutes for specific environmental problems. Over the last eight years, it has developed new tools and approaches. Examples include:

	the Common Sense Initiative, which tries to address environmental problems in a more holistic fashion;
	Excell, which deals with environmental issues for particular companies, and allows companies to avoid particular restrictions if they work on more positive projects;
	a commitment to making all non-confidential information publicly available by 2003.

	an acid rain control programme based around an allowance trading scheme with marketable permits. A similar programme for NOx is about to start in the United States;
	the Energy Star Homes Mortgage Programme which gives favourable loans for buying energetically efficient homes;
	environmental bond guarantees;
	the Environmental Capital Markets Project which is looking at whether ISO14000 systems guarantee superior environmental performance.

Isaura Frondizi, Manager, Banco Nacional de Desenvolvimento Economico e Social (BNDES)

The Banco Nacional de Desenvolvimento Economico e Social (BNDES) is the main source of long-term credit for sustainable development, and makes recommendations on the environmental and social impacts of every project it finances. It is a public company, fully-owned by the Federal Government, and the country’s most important bank for long-term financing. BNDES provides long-term financing of investments for private companies in all areas, with a special emphasis on energy and environment conservation. BNDES is the key instrument to promote the Government’s investment policies and, since it was founded in 1952, has been actively participating in each of the different stages of the country’s economic development. The Brazilian Government requires that BNDES participates in the Climate Change Convention. Through a diversified strategy, BNDES has been moving from seeing the environment as a constraint to seeing it as an opportunity.

Ann Goodman, Editor, Tomorrow Magazine

The press is increasingly monitoring how the activities of financial institutions are affecting sustainability. Among the more vigilant observers so far is Tomorrow Magazine, with a regular column exploring finance and sustainability. And coverage of the subject is not likely to wane. Several trends account for growing press interest in the role bankers play in influencing sustainability. For one thing, the mainstream business press more frequently covers the story of how business in general (including banking) is contributing to or detracting from sustainability efforts.

What is more, journalistic organisations are devoting more attention to the intersection of business and environmental stories, increasingly offering workshops for reporters on this topic. At the same time, socially responsible investors and environmental NGOs world-wide are focusing more intensively on the role of the financial service industries in helping (or hindering) environmental and social progress. Government bodies are watching the same trend. In the United States, the EPA has formed a capital markets committee to keep tabs on banks, while in Europe, the European Union (EU) issued a report on the role of financial institutions in achieving sustainable development. Perhaps most importantly, the Kyoto talks on climate change last year served to focus public attention on finance, after trading mechanisms were proposed as the most economical means of solving the problem.

Otti Bisang, Environmental Management Services, Credit Suisse

This presentation was an environmental manager’s perspective on the process of gaining ISO14001 certification: In a practitioner based review, it was explained how the bank managed the process and what the benefits are. In total it covered:

	certification process
	milestones passed
	time-table of the certification process
	key people involved

	adoption of an operating unit-based scheme rather than a site based scheme;
	development of a list of significant effects relevant to financial services organisations;
	removal of the need to include a register of regulatory requirements;
	increased flexibility in the use of the verified environmental statement;
	options for varying levels of participation.

It also identified issues which should be addressed to improve the usefulness of EMAS to banks, including the scope of the external statement required and the level of reliance which can be placed on the statement’s content.

If EMAS can be applied in the multi-sited, trans-state operations like banking, it has to change. If appropriate changes are made, there will be benefits for banks if their customers have EMAS. Those companies will demonstrate a sound understanding of environmental effects or impacts, will have an environmental policy, objectives, targets and management programme, and will control procedures and internal audit. EMAS has a place in the lending appraisal process as it indicates that business risks are being properly addressed. Nonetheless, banks must continue to review propositions in a holistic way.

Tim Murphy, Head of Environmental Appraisal, European Bank for Reconstruction and Development (EBRD)

The European Bank for Reconstruction and Development (EBRD) was established in 1991 to assist the countries of central and eastern Europe and the former Soviet Union in their transition to market economies. Sustainable development ranks among its highest priorities. This reflects the recent history of its region of operations, where inappropriate and distorting environmental policies and practices in the past impacted on human health, productivity and standards of living, and deterred foreign direct investment.

The general objective of EBRD projects is to introduce environmental care as a key issue in business decision making. It indicates to project sponsors how they need to improve their environmental performance and introduce a suitable control and management culture and structure to receive financing.

It does not require project sponsors to adopt a formal EMS, as it believes that its approach of initial support and encouragement is the most effective way to encourage a company to adopt a philosophy of continuous environmental improvement. Additionally, the EBRD operates in a very diverse geographical area with significant political and economic differences between countries, making it impossible to apply a single EMS to all.

The EBRD will keep a watching brief on EMS developments and will continue to encourage project sponsors to go "beyond compliance" and strive to match the best of international practice.

Jan Olaf Willums, Senior Vice President, Storebrand

In 1996, the World Business Council for Sustainable Development (WBCSD) started a Global Scenario Project, which attempts to define what sustainable development means. This US$ 1 million project was led by Shell, with 35 companies participating. The outcome was three scenarios, and an energy and climate sub-group running energy predictions in all three.

In June, the WBCSD launched its revised climate change position paper. Key elements are technology transfer and projects financing under the Clean Development Mechanism (CDM), as well as the following four key areas:

1. Opportunities for technology transfer on sound business terms. From technology transfer to technology co-operation. New forms of funding technology diffusion. Joint public-private initiatives.

2. Emerging venture capital opportunities. Investment in emerging technologies. Storebrand is using the Global Scenarios to work out potential future winners.

3. Investment in CO2 emission reduction. Need to create a simple CDM structure early and then work on improving it, rather than spending years designing the structure prior to implementation. Learn by doing. Methodology, baselines, and quantification need to be clarified. WBCSD is considering setting up a Carbon Offset Investment Fund as a demonstration project. The goal is to generate offsets by ensuring good technology transfer.

4. Emissions trading. A well-functioning global market is a requirement for fuelling investment initiatives. COP4 needs to define clear guidelines and suggest functionality of CDM. Financial sector will enable/facilitate trading once there is a market opportunity.

Frank Joshua, United Nations Conference on Trade and Development (UNCTAD)

International emissions trading and the CDM are significant opportunities for investment.

The UNCTAD-Earth Council Pilot Emissions Trading Project has the following work programmes and aims to launch an international emissions trading market by 2000:

	international legal framework
	domestic regulatory framework
	market institutions

The International Emissions Trading Association (IETA) will be a membership association; it has already had an overwhelming response, with 25 companies showing an interest in participating.

Financial options for the CDM include direct financing by end-users (Foreign Direct Investment) and project financing BOOT (Build-Own-Operate-Transfer). In the view of the IETA, the next round of meetings of the Conference of the Parties needs to agree a framework in which these new economic instruments may operate, promote the pilot projects that are now being undertaken and create a pilot phase for the Actions Implemented Jointly Instruments.

James Cameron, Foundation International Environmental Law Development (FIELD)

The aim of the CDM was to bridge the gap between the United States and the Association of Small Island States (AoSIS). The CDM arose partly out of a Brazilian proposal tabled at Kyoto for a Clean Development Fund (i.e. punitive levy on those who exceed their limits). However, that proposal had no hope of surviving Kyoto. At the same time, the United States wanted to extend joint implementation world-wide. AoSIS and Costa Rica came up with the CDM proposal, which was created through the negotiations.

In the initial stages of CDM, significant government involvement is needed in order to establish credibility. Governments need to create CDM agencies; thereafter, the private sector should be involved in developing countries. Eventually a slate of projects will be drawn up. This will be presented to the Executive Board of the CDM (yet to be established). The Executive Board delegates its functions to efficient banking institutions and projects will be brought forward for clearance by the Executive Board of the CDM. The CDM will have to be a very open clearing-house for information. Potential projects will have to be certified, for example by firms like SGS and PricewaterhouseCoopers. Once a project is certified, it has value and it is then possible to trade its value even before it has achieved any emission reductions.

The risk of failure to deliver means a need for monitoring and evaluation. Only once an emission reduction has actually been made can it be used to offset against an Annex 1 country’s legal target. The buyer might agree to provide money at a preferential rate as the price for the emission reduction unit (ERU) which could lead to establishing all sorts of derivatives.

However, there is a need to put forward real examples to the negotiating process to build on reality, as NGOs will be ruthless in pointing out any fraud. Regarding the funding, it has been suggested that a small percentage of CDM proceeds be shaved off for an adaptation fund for AoSIS.

Margaret Murphy, Partner, Head of Environmental Practice Group, Shearman & Sterling

This summary is a route map outlining the progress made in environmental accounting standards.

	Securities Act of 1993 and Securities Exchange Act of 1934;
	regulation S-K Items 101, 103, 303 requires disclosure of environmental loss contingencies;
	the Financial Accounting Standards Board interpretation no. 14 (FIN 14) (976) "Reasonable Estimation of the Account of a Loss" clarifies FASB 5 by stating that "it is inappropriate to delay the accrual of a loss until only a single amount may be reasonably estimated";
	the Securities Act Release 6835 (1989) clarifies environmental disclosure requirements for MD&A;
	the SEC Staff Accounting Bulletin no. 92 (SAB 92) (1993) contains the position of the staff of the SEC Division of Corporate Finance and the Office of the Chief Accountant regarding environmental disclosure. It aims to "promote timely recognition of contingent losses and to address the diversity in the practice with respect the accounting for and disclosure of contingent liabilities" (SAB 92);
	FASB’s Emerging Issues Task Force "Accounting for Environmental Liabilities" (EITF 93-5) (1993).

	Statement of Position 96-1 (SOP 96) entitled "Environmental Remediation Liabilities" released by AICPA effective for fiscal years beginning December 15, 1996;
	environmentalists’ petition SEC to investigate Fortune 500 Companies for inadequately disclosing environmental liabilities (e.g. Viacom).

exposure draft by FASB "Accounting for Certain Liabilities Related to Closure or Removal of Long-Lived Assets" issued in February 1996 (revised exposure draft to be issued in the fourth quarter of 1998).

	the growth in environmental reporting;
	stand alone reports;
	reporting through the annual report and accounts;
	mandatory vs. voluntary reporting (e.g. United States, Denmark, The Netherlands, United Kingdom);
	emerging standards: CERES GRI, WBCSD, UNEP-SustainAbility.

	increasing number of major companies confronting new issues (social, ethical human rights, etc.);
	what is "sustainability reporting"?;
	can the triple bottom line items be integrated?;
	emerging standards: NEF, ISEA, CERES.

Despite the problems of integration and interpretation, corporate interest continues to grow which includes a widening out to cover social and sustainability issues. Additionally, disparate initiatives are beginning to come together and there is an increased interest at government level (e.g. UK and EU). This leads to an accelerated pace of change with standardised frameworks emerging.

Jacqueline Aloisi de Larderel, Director, Industry, Technology and Economics, United Nations Environment Programme (UNEP)

Sustainable development can be defined as responsible entrepreneurship. Perhaps governments have lost some of their social and economic control, so companies are being asked to look at social, environmental and sustainability issues.

There are three broad stages to becoming a sustainable enterprise:

1. Compliance with national law. Many companies are at this stage, and some are below it;

2. Compliance plus cleaner production/eco-efficiency. This includes setting quantitative targets, technological innovation and using management tools. Some companies are now at this stage;

3. Compliance, cleaner production plus strategic redefinition of business. This includes addressing the more social aspects of sustainable development. Very few companies are at this stage.

UNEP feel that voluntary initiatives are very important. In partnership with SustainAbility, UNEP produced an environmental reporting benchmarking survey in 1997 and also looked at those companies not reporting. In general, the manufacturing sector is reporting more than the non-manufacturing sector. Reasons for not reporting include uncertainty about advantages, reluctance to have an existing good reputation questioned, lack of management interest or resources. Problems with data gathering and lack of indicators can also be obstacles. Incentives to record include increasing pressure and stakeholder expectations, the proliferation of industry reporting guidelines and examples to follow, the implementation of EMS and changes in company attitudes.

There is a great need for better indicators and a more standardised way of recording. To this end, UNEP is involved in a multi-stakeholder global reporting initiative. Important issues to note are cultural differences in readiness to report and the great need for awareness-raising in developing countries.

Pamela Castle, Partner, Cameron McKenna

This summary outlines the regulatory aspects surrounding disclosure and provides a view of future developments:

Developments in the UK:

	public register/environmental information regulations;
	new contaminated land regime;
	Public Interest Disclosure Act 1998;
	comparison with other countries (e.g. EU, U.S., Japan).

	the fifth action programme 1993-2000;
	the integrated pollution prevention control directive;
	the forthcoming white paper on environmental liability.

	environmental management systems (EMAS Regulation 1836/93 and ISO14001);
	reporting to stakeholders - future government policy;
	voluntary agreements;
	corporate environmental reporting;
	Companies Act 1985 and 1989 (annual reports and accounts, Director’s report, Chairman’s statement, specific environmental report);
	Financial Services Act 1986 ("investment advertisements").

Tessa Tennant, Head of Environmental Investments, NPI G.C. Investments

This presentation explained the approach taken at NPI towards the management of the NPI Global Care family of funds, examining their performance from a risk and return perspective.

At the workshop of their Cologne conference, the Asset Management working group of the UNEP Insurance Industry Initiative made three recommendations, reflecting UNEP’s strengths which are outreach and links to governments. The recommendations were:

Information: Numerous eco-investment initiatives now exist amounting to a significant level of activity world-wide. This is not widely recognised by markets or policy-makers. UNEP can play a pivotal role in informing the public and the investment community. The UNEP website is an excellent vehicle for this.

Removing barriers: UNEP can help in removing certain key deterrents to the financial community, namely:

	the lack of common metrics (as has already been discussed in detail by all working group sessions in Cologne);
	clarifying the relationship between fiduciary responsibility and environmental responsibility. They need not conflict, and this requires clarification by regulators, with corresponding measures implemented;
	restrictions on the investment guidelines for insurance companies should be reviewed.

Guidance: UNEP can also help in establishing clear and common guidelines for savers looking to environmental investment, raising confidence and interest in such instruments. NPI urges individuals, especially those from the investment departments of companies which were present at the roundtable meeting to join the working group.

Peter Waite, Manager, Environmental Risk, Lloyds/TSB Group

The Lloyds/TSB Group believes that banks’ greatest environmental impacts are through lending. The Group has focused on improving these impacts through internal and external communication so that those within the organisation understand the issues fully and, more importantly, that customers understand why they are taking an interest and trying to encourage sound environmental practice.

Environmental assessment is incorporated across the board within the lending process. Training sessions, videos and workbooks are used to deliver the environmental message to lenders, backed up by a central advice helpline and a panel of environmental consultants. Assessment of environmental risk can lead to identification of opportunities which benefit both bank and customer. The Group believes that by understanding customers’ business better, they can provide an improved service.

Banks’ initial focus on environmental issues was driven by fear of liability, but there has been a significant shift in emphasis since the launch of the UNEP statement in 1992, with issues such as sustainable development and climate change coming to the fore. The Lloyds/TSB Group has made progress against the statement’s individual principles, but recognises the need to keep pace with ongoing developments.

The UK banks are at a similar stage in their response to sustainability and climate change as they were with contaminated land liability some five years ago. There is a need to adopt a similar industry approach, investigate the issues, gain an understanding of the implications and develop a response.

Lloyds/TSB believe that pricing should be determined by overall business quality. A business which is well managed environmentally is usually well managed financially in other areas and therefore likely to attract a keener price. The Group does not have specific environmental loan schemes, but by including environmental risk assessment in all business lending can ensure that pricing is appropriate for the risk involved.

Tony Wheeler, Director, Technical Services Group, Deutsche Bank

In project financing, environmental risk management primarily focuses on the potential impact of a specific project although the wider environmental record of the major participants is also a matter of interest. This approach reflects the fact that recourse for debt servicing is limited to the performance of the project rather than to the parent organisations.

In evaluating lending opportunities, lenders are concerned to avoid accepting potential liabilities which might arise from poor performance of the project as well as a desire to maintain their own public image. Liabilities might include the cost of remediation and personal claims arising from project impacts. These could become a lender issue in the event of borrower default or insolvency.

In pricing finance for projects, lenders take an overall view of the project risk profile and environmental impacts are but one risk. In general, there is no specific premium attached to environmental risk and since the market for finance is highly competitive, the market itself is the primary driver of finance terms. In approaching risk management, lenders recognise the need for internal awareness and procedures as well as the need to meet external regulatory requirements.

Consequently, those institutions which seek to improve environmental management are potentially disadvantaged in the present market and any movement to enhance performance is constrained. There is therefore a strong case for international action to co-ordinate the lenders’ approach to environmental management so that common standards are adopted and pressures created to improve performance. How this may be achieved is a matter for debate. Can international public pressure be mobilised or is there a role for organisations such as UNEP? What is clear is that the present arrangements arguably work against strengthening environmental performance, rather than acting as a positive force for change.

Paul Hilton, Portfolio Manager, The Dreyfus Corporation

General trends in the field of environmental research and asset management in the United States have been influenced by the work of the "environmental value movement" (those attempting to show the links between environmental and financial performance) and social investing research.

The environmental value movement seeks to convince mainstream financial analysts of the positive financial upside of many proactive corporate environmental initiatives. Primary reasons why most mainstream analysts are unresponsive to environmental considerations in investment decision-making include time-horizon, materiality, lack of good data, correlation problems and lack of company communication. A growing network of corporate environmental affairs professionals, environmental NGOs and social investors are developing frameworks to overcome these barriers and communicate the concept of environmental value to financial professionals.

In recent years, social investing in the United States has benefited from heightened interest from religious investors, foundations and individuals. The latest wave in social investing has incorporated some of the ideas of the environmental value movement into the "best in class" approach, hoping to demonstrate that companies with superior environmental performance are also likely to provide the greatest financial returns. There is significant overlap and co-operation with the environmental value movement, but social investment professionals have an added responsibility to address their clients’ specific environmental concerns, which often extend into moral and ethical decisions based on what is sustainable over a longer term than the market allows.

Marta Suranyi, Project Director, Forum for the Future

Well-defined, rigorous absolute standards are fundamental to meaningful environmental analysis, not only from an ecological-ethical but also from a business point of view. Society and the economy (and therefore individual companies) currently face a very real risk in absolute terms of not being able to continue to exist in the long-term future, which may be called "sustainability risk".

Only absolute standards can accurately indicate companies’ chances of survival in a world where the environment related risks individual companies face will increasingly be brought in line with the risks they themselves pose to the environment. Intra-sectoral comparisons should be embedded in cross-sectoral analysis of sustainability risk and this should focus on assessment of improvement rather than simply performance relative to competitors.

Quality of environmental management can thus be interpreted as the degree to which management is reducing the sustainability risk facing the company. But there is a lack of consensus on several crucial aspects of environmentally responsible investment and this may jeopardise the credibility of such otherwise noble efforts.

Forum for the Future has conducted an extensive search among the sustainability initiatives in existence world-wide for a model that is scientifically rigorous whilst being practical. So far a Swedish initiative, The Natural Step, best fulfils these criteria.

Jonathan Barber, Managing Director, Safety and Environmental Risk Management Rating Agency Ltd (SERM)

The Safety and Environmental Risk Management Rating Agency Ltd (SERM) was established in 1996 to provide companies with an independent overview of their ability to manage the physical hazards arising from their operations. The rating measures the potential impact of safety and environmental incidents upon a company relative to its financial strength.

The rating system is based upon a mathematical model which takes into consideration the total costs (both direct and indirect) of any potential incident and the likely effectiveness of risk management systems in avoiding or mitigating any such incident. The key output of the rating is a point on a 27-point scale which runs from AAA+ to C-. The stages involved in establishing a company’s SERM Rating include calculating direct and indirect costs, adjusted probability, inherent and residual risk, and the approval by the Rating Panel.

The output from the SERM mathematical model is designed to set the costs of safety and environmental management in the context of risk reduction, and thereby create financial incentives for improved safety and environmental management. If environmental good practice is to be advanced sustainably and consistently, it must be seen as a benefit (in particular a financial benefit) since company directors are ultimately responsible to shareholders.

Inge Schumacher, Associate Director, Environmental Performance Analysis, UBS Brinson

A proactive environmental strategy can reduce a company’s business costs and improve its position in the market. The UBS Eco-Performance Portfolios invest exclusively in shares of companies with a record of good environmental as well as economic performance. These portfolios represent a response to the stronger customer demand for investments that incorporate environmental criteria.

The investment strategy focuses on lower risk by diversification and market-conform returns. Diversification across all sectors is achieved by selecting eco-leaders (best in class of each sector with superior environmental performance, ensuring investment security and performance) and eco-innovators (usually younger companies with products and services with a high degree of resource efficiency and environmental benefit, ensuring high potential for innovations). The stock selection process is based on a four-stage analysis:

	financial analysis: rating of the companies based on traditional criteria;
	environmental analysis: rating of company information with the help of an industry-specific company questionnaire;
	plausibility check of the selected companies: among the criteria applied are that the products of the selected companies are used for generally peaceful purposes or that the risk associated with processes and products be insurable;
	synthesis of the financial analysis, environmental ratings and plausibility check: investments are only made in companies with superior ratings in all three sectors.

The key conditions for success are an EMS within the bank, transparent and credible environmental selection, which includes a defined criteria system, co-operation with companies and science (e.g. participation in working groups), attractive investment tools (e.g. risk reduction by broad diversification of sectors and countries), favourable pricing, and comprehensive internal and external marketing including roadshows, regular newsletters and articles in employee and customer magazines.

Evan C. Henry, Senior Vice President, Environmental Services, Bank of America

Emphasising shareholder value, American banks put the six definitions of environment in the following order: risk management, internal greening, community responsibility, infrastructure finance, green marketing, and green/sustainable product finance. However, the current priorities of the environmental community are in a different order:

1. green/sustainable product finance
2. internal greening
3. infrastructure finance
4. community responsibility
5. green marketing
6. risk management

Specific "American factors" are risk management, superfund liability precedents, litigation emphasis, command and control regulatory approach, internal greening, select few institutions, and image and eco-efficiency drivers. In addition, other American factors include community responsibility, infrastructure finance, green marketing, green/sustainable product finance, reactive and opportunistic behaviour, opinions of "not our responsibility" and "doing it already", and the belief that it competes with "normal" business.

The lessons some American banks have learned in the past include issues such as a primary focus on collateral value and liability, and the facts that the American approach does not translate easily, sticks work better than carrots, regulatory pressure has its benefits, and finding problems is different to fixing them. To take banks beyond the American experience would include:

	presenting an holistic definition versus segmented definition of environment;
	rewarding long-term as well as short-term view;
	using external regulatory and legal drivers;
	creating new market opportunities;
	promoting a focus on using the power of money responsibly.

Steps towards holistic greening of banking include aligning business and environmental priorities, building skills in business priorities as a foundation for environmental priorities, recognising and personalising the finance/environment connection, recognising and valuing qualitative as well as monetary benefits, and rewarding long-term stability as well as short-term profitability.

Christopher Bray, Head of Environmental Risk Management Unit, Barclays Bank

Barclays Bank regards sustainable development as a fundamental aspect of sound business management. The bank needs to anticipate and react to customers’ changing needs, changing markets and social trends and ensure customers’ business activities are commercially viable. Otherwise they are open to significant and potentially damaging risks.

Direct environmental risk is the potential for a lender to become legally responsible to pay for the clean-up of land or water polluted by a customer. Such risk is particularly onerous with financial costs bearing no relationship to the amount lent or the security’s value. In the worst case, the bank may have to pay for site remediation. But it can be low risk, given foresight and appropriate and timely action.

Indirect environmental risk, where environmental costs and liabilities weaken a borrowing customer’s ability to honour financial liabilities, is more likely. Costs and liabilities can reduce business profitability and balance sheet strength. Banks can also suffer reputational risk where mere association with, rather than lending to, a project viewed as environmentally damaging harms their reputation.

Barclays takes various steps to protect itself and its customers from direct and indirect environmental risk. Land use questionnaires identify cases requiring special attention from an environmental consultant. This may involve site investigations, strategic issues, environmental management, environmental liabilities and capital expenditure plans.

These considerations may also be opportunities to deepen the relationship with customers. They may alert customers to issues they were unaware of and open up other opportunities to help, such as environmental loan facilities. The challenge is now to ensure wider awareness and confidence among lending officers to discuss all aspects of the environment with customers.

Bart Jan Kroewel, Head of Sustainable Developments Department, Rabobank Nederland

Rabobank’s Sustainable Developments Department is divided into four staffgroups: Green Management, Strategic Sustainable Developments, In-Company Environmental Issues and Special/Innovation Funds.

The task of the Green Management staffgroup is to provide green loans through green financing arrangements of the Dutch Government including projects on, for example, biological farming and sustainable energy (e.g. wind turbines, urban heating, solar/PV). The second staffgroup, Strategic Sustainable Developments, initiates and facilitates sustainable developments in various sectors and advises and supervises departments within Rabobank. Local bank projects carried out include recreation and tourism, sustainable building, organic farming and cleaner production. The In-Company Environmental Issues staffgroup provides policy support to departments within Rabobank about internal environmental care (e.g. paper economy campaign, energy saving schemes, mobility and transport, waste). Finally, the staffgroup for Special/Innovation Funds advises, develops and supervises the creation of specific financing constructions and investment funds related to innovation and sustainable development (local, regional, international). This includes innovation capital funds (for the risk-bearing financing of innovation in the field of sustainable developments) and investment funds (for investing in business related to sustainable developments and/or social responsible enterprises). Other activities by Rabobank in relation with "sustainability" focus on the organisation of and participation in conferences, delivery of presentations and lectures, and participation in various steering commissions and working groups.

Alfred Musial, Director, Sectoral Analysis and Forecast Department, Bank Handlowy

Taking into account the basic environmental variables such as populations, industrial and social development, the environmental situation of Poland is difficult. Environmental problems in Poland and most other Central and East European countries are largely related to industry, in particular to mining and energy. Poland has adopted a series of basic environmental laws, broadened the scope of the application of economic instruments for environmental policy, strengthened institutional capacity and last but not the least mobilised substantial resources for environmental investments. The capital outlays in environment have risen to 1.7% of GDP. Some capital investment projects have been accomplished as project finance. Project financing certainly is an activity of increased risk for investors, for lenders and for the environment. The evaluation of risk for project financing is complex and poses a considerable challenge. In addition to big financial possibilities, such financing usually needs detailed specialist technical and economic evaluations of a project prior to the signing of a loan, and constant monitoring of the progress of the project once the loan is in place. These criteria can be met only by a few banks in Poland, although their number is on the rise.

There is a lot of environmental information in Poland, a great deal of outstanding environmentalists but at the same time a shortage in information useful for bankers in order to precisely calculate the net present value or internal rate of return.

Todd Hanson, Environmental Specialist, International Finance Corporation (IFC)

The International Finance Corporation (IFC) is the private sector arm of the World Bank Group and provides project finance across a whole spectrum of infrastructure and similar areas.

During the past year, there has been a series of changes implemented in the policy and implementation of project finance designed to ensure that the quality of environmental risk information available to all parties is enhanced from the previous mechanisms. A long-term project has been the revision of the Pollution Prevention and Abatement Handbook with new guidelines launched to replace the 1988 version currently in use. At a daunting 600 pages long, it is a comprehensive analysis of the risks and mitigants available on a sectoral and geographic basis. The use of the internet as a delivery medium means that a specific search delivers timely and relevant information to all economic actors in the process.

This tool, together with an analysis and revision of internal processes, positions the IFC and other MFIs to deliver higher quality support to all concerned with project finance.

Sven Hansen, Executive Director, UBS Warburg Dillon Read

UBS’ investment banking environmental policy is based around guidelines and tools, help and control mechanisms, training and information campaigns. The bank’s primary reason for having such an environmental policy is to improve risk management, and also to manage reputational risk, ensure good citizenship and create business opportunities. UBS considers the following environmental risk management tools to be crucial:

	UNEP statement;
	sector/business directives;
	communication and training campaigns;
	sector/case studies;
	decentralised business specialists;
	PC based sector ratings and check lists;
	PC access to public sector environmental policy/tools;
	co-operation within the financial sector;
	bottom line report.

Tools and methods which the bank considers less helpful are "beancounter’s reports", endless eco-networks, market research and niche products.

Milestones in UBS’ environmental commitment include the establishment of an energy management team in 1978, employment of the first environmental officer in a Swiss bank in 1998, the establishment of an environmental management department and signing of the UNEP statement on banking and environment in 1993, release of the bank’s first environmental report in 1996, the launch of a sustainable development fund in 1997, and consolidation of structured finance directives in 1998.

John Ganzi, President, Environment and Finance Research Enterprise

There is a growing number of eco-efficiency and sustainable funds available which is a sign that many industrial companies are already taking action. However, it may be possible to do well financially while doing good environmentally. Within the transitional process, companies move away from command and control of governments to involvement by consumers and NGOs, with many companies going beyond government compliance. Financiers are moving beyond risk avoidance towards identifying environmentally driven financial opportunities and profits.

In the short term, funds are expected to grow in number and availability while inexpensive environmental rating systems may become available. The number of investment innovators will grow sharply but remain small in relative numbers. Foundations will show more aggressive funding activities and may shift their investment philosophy to match their grant making. It is also expected that government programmes will increase and NGOs will shift their efforts from the public to the private sector, trying to mobilise individual investors.

The activities which will be rewarded include improved production processes, making products more environmentally efficient (less raw materials, energy and waste), increasing market share because of "environmental friendliness", and new product lines based on consumer demands for environmentally driven products.

As a result, in the longer term more mainstream managers and advisors will experiment with integrating environmental considerations, and new financial products (debt and equity) that reward environmental effectiveness and efficiency will be launched.

Walter Howes, President, EBI Capital Group LLP

The lack of a consistent set of data to describe the risk profile of the capital markets, in relation to environmental impacts leads to an artificially high cost of capital. One effect of this is to discourage investment in environmental technology sectors as illustrated, for example, by the fact that in the last three years in the United States investment in the environment has been about 2% as opposed to 18% in internet stocks. When alternative energies are aggregated, the total is still only 4% and the challenge, led in part by some venture capital firms, has been to educate investors to weight these stocks appropriately.

Attractive sectors for the venture capitalist include water management and energy sectors as well as remediation of brownfield land. The industry is very much in transition and, with the shift away from command and control by governments to a more empowered society, there is a need to develop good management teams.

In the future, we expect that innovative public and private sector funding initiatives will stimulate growth and that the aggregation of data will enable a finer pricing of risk.

Penny Shepherd, Executive Director, UK Social Investment Forum

Two issues in the UK institutional investment marketplace indicate that the market will reward environmental winners, i.e. those who succeed in developing and delivering superior skills in integrating the environment with financial decision making compared with their competitors.

First, recent Government proposals, if implemented, will require UK occupational pension funds to disclose their policies on ethical investment/socially responsible investment. In the UK particularly large amounts are invested in pension funds; these funds have a huge impact, so the business implications are significant.

Second, campaigns are emerging for institutional investments to be managed in a way compatible with the beliefs of beneficiaries and, in particular, used as a tool to influence corporate behaviour to achieve environmental and similar aims. There are indications that this change is the first step in a continuing process.

For investment institutions, this suggests that business opportunities are emerging for expertise in these areas. For financial services companies which are themselves stock market quoted, this points to environmental leadership in financial services being increasingly valued by investment analysts. It therefore suggests an increasing valuation of environmental expertise across financial services. Those seriously engaged with this agenda should be in the lead in benefiting from these developments.

Many of the session topics during the roundtable meeting resonated with our own organisations’ environmental interests. The following issues appear to be of particular importance in advancing future dialogue:

	climate change;
	socio-political sources and environmental risk in credit and investment, both in terms of how they apply to the company evaluations as well as to each bank’s brand image;
	the opportunity side of sustainable development in portfolio management;
	standardisation of environmental data and related issues of environmental accounting, reporting and disclosure; and
	the relationship between environment and equity.

This roundtable meeting also showed that if we are to mainstream and thus fully integrate the environment and sustainable development in financial analysis, we are going to have to address the psychological and cultural attitudes of credit and investment professionals towards the financial relevance of these factors. In addition, we have to take an active role in the public policy dialogue on affecting the transition to a sustainable economy, and work co-operatively with "mobilizers" such as foundations and public interest groups to stimulate market demand for sustainable investment products and services.

A cornerstone of the Financial Institutions Initiative is engaging key stakeholders in our programmes in order to both expand our thinking and sharpen our focus for future programmes. Along these lines, the Fourth International Roundtable Meeting on Finance and the Environment ended with statements by representatives of the UK Department of the Environment, Transport and the Regions, Friends of the Earth, the Environmental Protection Authority in Victoria, Barclays Bank and UNEP.

On behalf of the United Nations Environment Programme and the Steering Committee of the Financial Institutions Initiative, we wish to thank all the speakers for their excellent presentations and making this roundtable meeting the most exciting and challenging one to date.

 
Abbey National
Mr. Peter Morris
Manager, Operational Risk
Station Square, 500 Elder Gate
Milton Keynes MK9 1BA
United Kingdom
Tel: +44-1908-341.272
Fax: +44-1908-341.150
E.mail: pjmori@abbeynational.co.uk

Abbey National
Mr. Tony Hodges
Risk Analyst
Station Square, 500 Elder Gate
Milton Keynes MK9 1BA
United Kingdom
Tel: +44-1908-341.339
Fax: +44-1908-341.197
E.mail: ashad1@abbeynational.co.uk

Allied Irish Banks Plc
Ms. Patricia Mc Keague
Solicitor/Law Agent
Office of the Group Law Agent
Bankcentre, Ballsbridge
Dublin 4
Ireland
Tel: +353-1-5660.0311
Fax: +353-1-668.9677
E.mail: Patricia.m.Mckeague@aib.ie

Amman University
Mr. Ma'en Wahbeh
Finance and Banking
P.O. Box 2392
Amman 11181
Jordan
Tel: +962-6-566.6642
E.mail: wahbehm@nets.com.jo

Arthur D. Little
Mr. David Brown
Science Park, Milton Road
Cambridge CB4 4DW
United Kingdom
Tel: +44-1223-392.652
Fax: +44-1223-420.021
E.mail: brown.david@adlittle.com

Arthur D. Little
Dr. Claus Noppeney
Consultant
Seestrasse 185
CH-8800 Thalwil
Switzerland
Tel: +41-1-722.8938
Fax: +41-1-722.8999
E.mail: noppeney.claus@adlittle.com

Asia Environmental Trading (AET)
Mr. Philip Massey
Marketing Manager
55 Exhibition Road
London SW7 2PG
United Kingdom
Tel: +44-171-581.5277
Fax: +44-171-589.1477
E.mail: aet@asianenviro.com

Association of Chartered Certified Accountants (ACCA)
Mr. Roger Adams
Technical and Research Director
29 Lincoln’s Inn Fields
London WC2A 3EE
United Kingdom
Tel: +44-171-396.5971
Fax: +44-171-396.5730
E.mail: roger.adams@acca.co.uk

Avanzi Srl.
Dr. Davide dal Maso
Co-ordinator
Via Bassano del Grappa 7
20127 Milano
Italy
Tel: +39-2-2614.2829
Fax: +39-2-261.0669
E.mail: dmavanzi@tin.it

Banca Monte Dei Paschi di Siena Spa
Mr. Moreno Guarguaglini
Dir. Resp. Reparto Sovvenzioni Communitarie UFFICIO FIDI
Viale Mazzini 23
53100 Siena
Italy
Tel: +39-577-294.516
Fax: +39-577-294.874

Banca Popolare Etica
Mr. Francesco Bicciato
Research Centre Manager
Piazzetta Forzate 2/3
35137 Padova
Italy
Tel: +39-49-657.978
Fax: +39-49-657.989
E.mail: betica@intercity.it

Banco Nacional de Desenvolvimento Economico e Social (BNDES)
Ms. Isaura Frondizi
Manager
Ave. Republica do Chile, 101/149
20139-900 Rio de Janeiro
Brazil
Tel: +55-21-277.7888
Fax: +55-21-220.7461
E.mail: ifrondiz@bndes.gov.br

Bank Austria AG
Dr. Ulrike Kastner
Head of Environmental Affairs
Lassallestrasse 5
A-1020 Vienna
Austria
Tel: +43-1-71191.54474
Fax: +43-1-71191.54475

Bank Julius Bär
Mr. Christian Frey
UNEP Conference Assistant
Bahnhofstrasse 36
CH-8001 Zurich
Switzerland
Tel: +41-1-228.5111
Fax: +41-1-211.2560
E.mail: christian.frey@juliusbaer.com

Bank Handlowy W Warszawie SA
Mr. Alfred Musial
Director, Sectoral Analysis and Forecast Department
ul. Marszatkkowska 82
00-517 Warsaw
Poland
Tel: +48-22-690.4953
Fax: +48-22-690.4952

Bank Ochrony Srodowiska SA
Mr. Stanistaw Urbala
Director
al. Jana Pawta 11 Nr 12
00-950 Warsaw
Poland
Tel: +48-22-850.8944
Fax: +48-22-850.8891

Bank of America
Mr. Evan Henry
Senior Vice President
4000 MacArthur Blvd, Suite 100
Newport Beach, CA 92660
United States of America
Tel: +1-949-260.5805
Fax: +1-949-260.5803
E.mail:Evan.C.Henry@
Bankamerica.com

Bank of Ireland
Ms. Mary Gleeson
Solicitor, Group Legal Adviser’s Office
2 College Green
Dublin 2
Ireland
Tel: +353-1-677.6801
Fax: +353-1-670.3602

Bank of Scotland
Ms. Catherine Dow
Director, Risk Mitigation
2 Castle Terrace
Edinburgh EH1 2YA
Scotland
United Kingdom
Tel: +44-131-221.5091
Fax: +44-131-221.5092

Bank of Scotland
Ms. Alison Elliot
Associate Director, Risk Mitigation
4A Carmel Terrace, Mongewell
Wallingford, Oxon, OX10 8BX
United Kingdom
Tel: +44-1491-200.211
Fax: +44-131-221.5092

Bank Polska Kasa Opieki SA, Grupa Pekao SA
Mr. Alojzy Bartoszek
Adviser to the President
53/57 Grzybowska Street
00-950 Warsaw
Poland
Tel: +48-22-656.0678
Fax: +48-22-656.0684

Bank Sarasin & Cie
Mr. Frank Figge
Environmental Analyst
Elisabethenstrasse 62
CH-4002 Basel
Switzerland
Tel: +41-61-277.7477
Fax: +41-61-277.7688
E.mail: research_bs@sarasin.ch

Bank Sarasin & Cie
Mr. Andreas Knörzer
First Vice President
Elisabethenstrasse 62
CH-4002 Basel
Switzerland
Tel: +41-61-277.7477
Fax: +41-61-277.7688
E.mail: research_bs@sarasin.ch

Barclays Bank Plc
Mr. Chris Bray
Environmental Risk Management
4th Floor, Chatsworth House
66-70 St. Mary Axe.
London EC3A 8BD
United Kingdom
Tel: +44-171-382.5627
Fax: +44-171-382.5582

Bayer AG
Dr. Andreas Schmieder
Corporate Staff, Quality, Environment and Safety Policy
KS-QV5, Gebäude 9115
D-51368 Leverkusen
Germany
Tel: +49-214-30.61624
Fax: +49-214-30.52257

Bayerische Landesbank
Mr. Christian Armbruster
Briennesstrasse 18
D-80333 Munich
Germany
Tel: +49-89-2171.1744
Fax: +49-89-2171.1797

Bayerische Landesbank
Dr. Huber Bauer
Environment Co-ordinator
Dept 2013
D-80277 Munich
Germany
Tel: +49-89-2171.4774
Fax: +49-89-2171.4641
E.mail: bauehub@blb.de

Both Ends
Mr. Wiert P. Wiertsema
Policy Co-ordinator
Damrak 28-30
1012 LG Amsterdam
The Netherlands
Tel: +31-20-623.0823
Fax: +31-20-620.8049
E.mail: ww@bothends.org

Baker & McKenzie
Mr. James Cameron
100 New Bridge Street
London EC4
United Kingdom
Tel: +44-171-919.1000
Fax: +44-171-919.1999
E.mail: james.cameron@bakernet.com

C.S. Mott Foundation
Mr. Mark Rentschler
Programme Officer
1200 Mott Foundation Building
Flint, MI 48502-1851
United States of America
Tel: +1-810-766.1786
Fax: +1-810-238.8152
E.mail: mrentschler@mott.org

Cameron McKenna
Ms. Pamela Castle
Partner
160 Aldergate Street
London EC1A 4DD
United Kingdom
Tel: +44-171-367.3000
Fax: +44-171-367.2000

Carl Duisberg Gesellschaft e.V.
Dr. Luiz Ramalho
Head of Section Protection of the Environment and Natural Resources
Lützowufer 6-9
D-10785 Berlin
Germany
Tel: +49-30-25482.100
Fax: +49-30-25482.103
E.mail: ckamlage@ell.cdg.de

CEE Bankwatch Network
Mr. Jozsef Feiler
Policy Co-ordinator
c/o ETK Budapest
vadasz u.29
Budapest 1054
Hungary
Tel: +36-1-285.6304
Fax: +36-1-311.7855
E.mail: jfeiler@zpok.hu

Center for Environmental Strategy
Dr. Walter Wehrmeyer
BG Surrey Scholar
University of Surrey
Guildford GU2 5XH
United Kingdom
Tel: +44-1483-259.271
Fax: +44-1483-259.521
E.mail: w.wehrmeyer@surrey.ac.uk

Centre de Formation de la Profession Bancaire
Mr. Jean-Marc Prunet
Chargé de Mission
Le CNIT - TSA 84001
92919 Paris, La Défence
France
Tel: +33-1-4102.5564/61
Fax: +33-1-4102.5555
E.mail: prunet@cfpb.fr

CERES - Coalition for Environmentally Responsible Economics
Ms. Judith Kuszewski
Director of Corporate Programs
11 Arlington Street
Boston, MA 02116-3411
United States of America
Tel: +1-617-247.0700
Fax: +1-617-267.5400
E.mail: kuszewski@ceres.org

CGU Plc
Dr. Anthony Sampson
Head of Environmental Management
St. Helens, 1 Undershaft
London EC3P 3DQ
United Kingdom
Tel: +44-171-622.2245
Fax: +44-171-622.7114
E.mail: se51@dial.pipex.com

Citibank
Mr. Robert Bhur
Vice President, Global Research
Citibank House
P.O. Box 78, 336 Strand
London WC2R 1HB
United Kingdom
Tel: +44-171-500.7406
Fax: +44-171-500.7144
E.mail: bob.buhr@citicorp.com

City Bank Ltd
Mr. Ahmed Parvez Shamsuddin
Senior Officer
10 Dilkusha Commercial Area
Dhaka
Bangladesh
Tel: +880-2-956.5925/.9554
Fax: +880-2-956.2347

Co-Operative Bank Plc
Ms. Elizabeth Thompson
Research and Information Officer, Ecology Unit
P.O. Box 101, 1 Ballon Street
Manchester M60 4EP
United Kingdom
Tel: +44-161-829.5497
Fax: +44-161-832.4496
E.mail: Liz.Thompson@co-operativebank.co.uk

CODEX - Military Committee for Int'l Defence Exhibitions
Mr. Sultan Al-Suwaidi
Chairman Codex
P.O. Box 27426, Abu-Dhabi
United Arab Emirates
Tel: +971-2-324.744
Fax: +971-2-393.344
E.mail: codex@emirates.net.ae

CODEX - Military Committee for Int'l Defence Exhibitions
Mr. Ahmed Bin Braik
Head of Finance
P.O. Box 27426, Abu Dhabi
United Arab Emirates
Tel: +97-1-2324.744
Fax: +97-1-347.299
E.mail: codex@emirates.net.ac

CODEX - Military Committee for Int'l Defence Exhibitions
Dr. Adil Yassin El Safi
Chairman, Conference Dept.
P.O. Box 27426, Abu-Dhabi
United Arab Emirates
Tel: +971-2-336.864
Fax: +971-2-332.393
E.mail: codex@emirates.net.ae

Colegio de Economistas de Lima
Mr. Jose Salazar
President Environmental Committee
Office 304, Ave. Central 671
Lima 17
Peru
Tel: +51-1-440.0117
Fax: +51-1-440.1403
E.mail: josaba@amauta.rcp.net.pe

Commerzbank
Mr. Wolfgang Nahlik
Director
Kaiserplatz
D-60261 Frankfurt am Main
Germany
Tel: +49-69-1362.4488
Fax: +49-69-1362.4050

Companhia Estadual de Aguas e Esgotos (CEDAE)
Ms. Elaine Pinheiro
Assessora de Meio Ambiente
Ave. Graca Aranha
182/6 Andar, CEP 20030-001
Rio de Janeiro
Brazil
Tel: +55-21-532.3060
Fax: +55-21-253.0939
E.mail: aifp@hotmail.com

Convention on Biological Diversity Secretariat
Mr. Yibin Xiang
Financial Resources Analyst
393 rue St. Jacques, Office 300
Montreal, Quebec H2Y 1N9
Canada
Tel: +1-514-287.7017
Fax: +1-514-288-6588
E.mail: yibin.xiang@biodiv.org

Credit Suisse
Mr. Otti F. Bisang
Environmental Management Services
CCUE, P.O. Box 100
CH-8070 Zurich
Switzerland
Tel: +41-1-332.2609
Fax: +41-1-333.7633
E.mail: otti.bisang@credit-suisse.ch

Credit Suisse
Dr. Bernd Schanzenbächer
Product Development
CCUE, P.O. Box 100
CH-8070 Zurich
Switzerland
Tel: +41-1-333.8033
Fax: +41-1-333.7633
E.mail: bernd.schanzenbaecher@credit-suisse.ch

Credito Italiano
Mr. Carlo Marini
Corporate Division
Via S. Protaso 3
20121 Milano
Italy
Tel: +39-2-8862.2154
Fax: +39-2-8862.2680
E.mail: MariniC@GruppoCredit.it

Deloitte & Touche
Mr. Daniel Atkins
Senior Consultant
H.C. Andersen Boulevard 2
DK-1780 Copenhagen V
Denmark
Tel: +45-33-763.254
Fax: +45-33-763.940
E.mail: dan.atkins@deloitte.dk

Delphi International
Mr. Mark Mansley
Director
36 Great Queen Street
London WC2B 5AA
United Kingdom
Tel: +44-171-404.2464
Fax: +44-171-404.0326
E.mail: mmansley@delphivtz.co.uk

Department of the Environment, Transport and the Regions
Rt Hon. Michael Meacher
Minister for the Environment
Eland House, Bressenden Place
London SW1E 5DU
United Kingdom
Tel: +44-171-890.6212
Fax: +44-171-890.4499

Department of the Environment, Transport and the Regions
Mrs. Teresa Vokes
Private Secretary to the Minister for the Environment
Eland House, Bressenden Place
London SW1E 5DU
United Kingdom
Tel: +44-171-890.6212
Fax: +44-171-890.4499

Department of the Environment, Transport and the Regions
Mr. Robert Davis
Office of Chief Economist
Zone 4/25B, Great Minster House
Horseferry Road
London SW1
United Kingdom
Tel: +44-171-890.3620
Fax: +44-171-890.2177

Department of the Environment, Transport and the Regions
Ms. Emily Hay
Head of Environment and Business Division
Zone 6/FB, Ashdown House
123 Victoria Street
London SW1E 6DE
United Kingdom
Tel: +44-171-890.6624
Fax: +44-171-890.6559

Department of the Environment, Transport and the Regions
Ms. Shelia McCabe
Division Manager, Environmental Protection
Zone 4/D1, Ashdown House
123 Victoria Street
London SW1E 6DE
United Kingdom
Tel: +44-171-890.6220
Fax: +44-171-890.6219
E.mail: smccabe@eprnt.demon.co.uk

Deutsche Bank
Mr. Hanns Michael Hölz
Department for Coordination of Environmental Issues
Taunus Anlage 12
D-60325 Frankfurt
Germany
Tel: +49-69-910.34544
Fax: +49-69-910.34863

Deutsche Bank
Dr. Tony Wheeler
Director, Technical Services Group
6 Bishopsgate
London EC2N 4DA
United Kingdom
Tel: +44-171-545.7296
Fax: +44-171-545.7130
E.mail: tony.wheeler@db.com

Dreyfus Corporation
Mr. Paul Hilton
Co-Portfolio Manager
200 Park Ave., 55th Floor
New York, NY 10166
United States of America
Tel: +1-212-922.6262
Fax: +1-212-922.4804

Durham University
Dr. Andrea Coulson
ESRC Research Fellow
Business School
Mill Hill Lane
Durham City DH13LB
United Kingdom
Tel: +44-191-374.4779
Fax: +44-191-374.3748
E.mail: A.B.Coulson@durham.ac.uk

E2 Management Consulting AG
Mr. Franz Knecht
Managing Partner
Höhenweg 18
CH-9000 St. Gallen
Switzerland
Tel: +41-61-273.4201
Fax: +41-61-273.4203
E.mail: franz.knecht@e2mc.com

E2 Management Consulting AG
Mr. Oliver Schmid-Schonbein
Managing Partner
Höhenweg 18
CH-9000 St. Gallen
Switzerland
Tel: +41-71-220.9144
Fax: +41-71-220.9145
E.mail: oziss@e2mc.com

Eastern Group Plc
Mr. Howard Goodbourn
Group Financial Controller
Wherstead Park, P.O. Box 40
Wherstead, Ipswich
Suffolk IP9 2AQ
United Kingdom
Fax: +44-1473-555.069

Eastern Group Plc
Mr. Robert Marjoram
Environmental Business Unit
Wherstead Park, P.O. Box 40
Wherstead, Ipswich
Suffolk IP9 2AQ
United Kingdom
Fax: +44-1473-554.509

EBI Capital Group LLB
Mr. Walter Howes
President
1015 33rd Street, NW, Suite 402
Washington, D.C. 20007-3524
United States of America
Tel: +1-202-342.5323
Fax: +1-202-342.8324

Economic Commission for Latin America and the Caribbean (ECLAC)
Mr. Carlos Henrique Fialho Mussi
Economic Affairs Officer
SBS Ed.Bndes 178 Andar
70075-900 Brasilia DF
Brazil
Tel: +55-61-321.3232
Fax: +55-61-321.4247
E.mail: cmussi@br.eclac.cl

Ente per le Nuove tecnologie l’Energia e l’Ambientre (ENRA)
Mr. Andrea Sante Colosimo
Stagiaire
Via Anguillarese 301
00060 SM di Galeria, Roma
Italy
Tel: +39-06-3048.3965
Fax: +39-06-3048.3594
E.mail: mollone@casaecia.erea.it

Enviro Cheq Corporation
Mr. Robert Hyde
President
67 Mowat Ave., Suite 531
Toronto, Ontario M6K 3E3
Canada
Tel: +1-416-588.5488
Fax: +1-416-588.6682
E.mail: envcheq@istar.ca

Enviro Cheq Corporation
Mr. David Legault
Vice President
67 Mowat Ave., Suite 531
Toronto, Ontario M6K 3E3
Canada
Tel: +1-416-588.5488
Fax: +1-416-588.6682
E.mail: envcheq@istar.ca

Environment Agency
Mr. Howard Graham Pearce
Head of Corporate Planning
Rio House, Riverside Drive
Aztec West, Almondsbury
Bristol BS12 4UD
United Kingdom
Tel: +44-1454-624.332
Fax: +44-1454-624.031

Environment and Finance Enterprise
Mr. John Ganzi
President
100 Brighten Court
Chapel Hill, NC 27516
United States of America
Tel: +1-919-933.3616
Fax: +1-919-933.1357
E.mail: jganzi@aol.ccm

Environment Council
Mr. Steve Robinson
Chief Executive
212 High Holburn
London WC1V 7VW
United Kingdom
Tel: +44-171-836.2626
Fax: +44-171-242.1180
E.mail: environment.council@ ukonline.co.uk

Environment Protection Authority, Government of Victoria
Mr. Terry A’Hearn
Manager, Policy Co-ordination
477 Collins Street
Melbourne, Victoria 3000
Australia
Tel: +61-3-9628.5679
Fax: +61-3-9628.5428
E.mail: terry.ahearn@epa.vic.gov.au

Environmental Bankers Association
Mr. Jeffrey Telego
President and Executive Co-Director
110 North Royal Street, Suite 301
Alenandria, VA 22314
United States of America
Tel: +1-703-549.0977
Fax: +1-703-548.5945
E.mail: envirobank@aol.com /
rtminc@aol.com

Environmental Law Institute
Mr. Ivie Higgins
Director, Professional and Public Policy Programmes
1616 P Street, NW
Washington D.C. 20036
United States of America
Tel: +1-202-939.3859
Fax: +1-202.939.3868
E.mail: higgins@eli.org

Environmental Performance Analyst
Mr. Tareq Emtairah
311-2225 West 8th Ave.
Vancouver, BC V6K 2A6
Canada
Tel: +1-604-738.3108
Fax: +1-604-570.0602
E.mail: emtairah@sprint.ca

Environmental Protection Agency (EPA) of the United States
Mr. Mark Joyce
Staff Director
401 M Street SW
Washington D.C. 20460
United States of America
Tel: +1-202-260.6889
Fax: +1-202-260.6882
E.mail: joyce.mark@epamail.epa.gov

Environmental Resources Management
Ms. Sarah Caiger
Consultant
8 Cavendish Square
London W1M OER
United Kingdom
Tel: +44-171-465.7229
Fax: +44-171-465.7260
E.mail: svc@erm.uk.com

Environmental Resources Management
Ms. Sigrid Shreeve
Technical Director
Eaton House, Wallbrook Court
North Hinksey Lane
Oxford OX2 0QS
United Kingdom
Tel: +44-1865-384.883
Fax: +44-1865-384.812
E.mail: sbs@ermuk.com

EPS Finance Ltd
Mr. Dominik Käuferle
Bahnhofstrasse 46
CH-8021 Zurich
Switzerland
Tel: +41-1-212.7482
Fax: +41-1-212.7484

Ernst & Young
Ms. Amy Clarke
Assistant Consultant, Environmental Services Group
Beckett House, 1 Lambeth Palace Road
London SE1 7EU
United Kingdom
Tel: +44-171-931.6376
Fax: +44-171-931.5396
E.mail: aclarke5@cc.ernsty.co.uk

Ernst & Young
Mr. Paul Wenman
Director, Environmental Services Group
Becket House, 1 Lambeth Palace Road
London SE1 7EU
United Kingdom
Tel: +44-171-931.6376
Fax: +44-171-931.5396

Euronature
Ms. Katrin Seifert
Chief Economist
Koblenzerstrasse 9
D-53359 Rheinbach
Germany
Tel: +49-2226-2045
Fax: +49-2226- 17100
E.mail: euronatur.bonn@t-online.de

European Bank for Reconstruction and Development (EBRD)
Mr. Tim Murphy
Head of Environmental Appraisal
1 Exchange Square
London EC2A 2EH
United Kingdom
Tel: +44-171-338.6020
Fax: +44-171-338.6848

Europrean Bank for Reconstruction and Development (EBRD)
Ms. Alke Schmidt
Environmental Specialist
1 Exchange Square
London EC2A 2EH
United Kingdom
Tel: +44-171-338.7717
Fax: +44-171-338.6848
E.mail: schmidta@ebrd.com

Export Development Corporation
Ms. Erin O’Brien
Advisor, International Relations
151 O’Connor Street
Ottawa, Ontario K1A 1K3
Canada
Tel: +1-613-598.2741
Fax: +1-613-587.8522
E.mail: obrier@edc1.edc.ca

FFEM - Agence Francaise de Développement
Ms. Catherine Garreta
Secrétaire Générale du FFEM
5 rue Roland Barthes
75598 Paris Cedex 12
France
Tel: +33-1-5344.3255
Fax: +33-1-5344.3248
E.mail: ffem@afd.fr

Financial Times Newsletters / OXERA Environmental Ltd
Mr. Chris Clarke
Editor
58 Park Avenue North
London N8 7RT
United Kingdom
Tel: +44-181-348.5589
Fax: +44-181-341.1256
E.mail: acf.clarke@virgin.net

FMO - Netherlands Development Finance Company
Mr. Bregje Hamelynck
Internal Audit Department
P.O. Box 93060
2509 AB, The Hague
Netherlands
Tel: +31-70-314.9734
Fax: +31-70-314.6187

FMO - Netherlands Development Finance Company
Mr. Hans Wasmus
Head of Internal Audit Department
P.O. Box 93060
2509 AB, The Hague
Netherlands
Tel: +31-70-314.9696
Fax: +31-70-314.6187

FöreningsSparbanken
Mrs. Anna Nilsson
Environmental Analyst
Robur Kapitalforvaltning AB
S-105 34 Stockholm
Sweden
Tel: +46-8-5859.2676
Fax: +46-8-796.4985
E.mail: anna.nilsson@robur.se

Forum for the Future
Ms. Marta Suranyi
Project Director
227a City Road
London EC1V 1JT
United Kingdom
Tel: +44-171-477.7709
Fax: +44-171-251.6268
E.mail: m.suranyi@forum-for-the-future.org.uk

Foundation for International Environmental Law and Development (FIELD)
Mr. James Cameron
University of London
46-47 Russell Square
London WC1B 4JP
United Kingdom
Tel: +44-171-637.7950
Fax: +44-171-637.7951
E.mail: jc18@soas.ac.uk

Friends, Ivory & Sime
Ms. Karina Litvack
International Ethical Analyst
15 Old Bailey
London EC4M 7AP
United Kingdom
Tel: +44-171-778.1034
Fax: +44-171-653.9734
E.mail: k.litvack@bloomberg.net

Friends of the Earth
Mr. Tony Juniper
Policy and Campaigns Director
26-28 Underwood Street
London N1 7JQ
United Kingdom
Tel: +44-171-490.1555
Fax: +44-171-490.0881
E.mail: tonyj@foe.co.uk

Friends of the Earth U.S.
Ms. Michelle Chan-Fishel
International Policy Analyst
1025 Vermont Ave., NW 300
Washington, D.C. 20005
United States of America
Tel: +1-202-783.7400
Fax: +1-202-783.0444
E.mail: mchan@foe.org

Friends Provident
Dr. Craig McKenzie
Ethical Policy Adviser
15 Old Bailey
London EC4M 7AP
United Kingdom
Tel: +44-171-248.0906
Fax: +44-171-329.4419
E.mail: c.mackenzie@stewardship.co.uk

Fundacion Ambio
Mr. Mario Carazo
President
P.O. Box 1487-1002
Paseo de los Estudiente
San Jose
Costa Rica
Tel: +506-258.1212
Fax: +506-222.3182
E.mail: macaze@sol.racsa.co.cr

Garanti-Instituttet for Eksportkreditt (GIEK)
Mr. Arild Aasbo
Adviser
Dronning Maudsgt. 15
N-0250 Oslo
Norway
Tel: +47-22-837.070
Fax: +47-22-832.445

Garrigues & Anderson
Ms. Flavia Rosembuj Gonzalez-Capitel
Lawyer
Diagonal 654
08034 Barcelona
Spain
Tel: +34-93-253.3700
Fax: +34-93-253.3750

Gerling Sustainable Development Project GmbH
Mr. Dirk Kohler
Senior Project Manager
Frankfurterstrasse 720-726
D-51145 Cologne
Germany
Tel: +49-221-144.7549
Fax: +49-221-144.7666
E.mail: gsdp@gerling.de

Gifford Park Associates
Mr. John Cusack
President
91 Middle Road
Eastchester, NY 10707
United States of America
Tel: +1-914-793.4299
Fax: +1-914.793.6513
E.mail: JohnLCusack@worldnet.att.net

Greenpeace Germany
Mr. Walter Homolka
Executive Director
Grosse Elbstrasse 39
D-22767 Hamburg
Germany
Tel: +49-40-30618.410
Fax: +49-40-30618.140
E.mail: walter.homolka@greenpeace.de

Halifax Plc
Mr. Jim Bruce
Treasury Counsel
Trinity Road
Halifax HX1 2RG
United Kingdom
Tel: +44-1422-391.387
Fax: +44-1422-333.881

Halifax Plc
Mr. Bob Humphreys
General Manager, Head Office and Business Services
Trinity Road
Halifax HX1 2RG
United Kingdom
Tel: +44-1422-391.419
Fax: +44-1422-334.533

Hong Kong Special Administration Region
Mrs. Shirley, Sau-Ling Lee Hon
Principal Environmental Protection
Environmental Protection Department
27/F Southorn Centre
130 Hennessy Road, Wanchi
Hong Kong, China
Tel: +852-2835.1122
Fax: +852-2591-0558
E.mail: shirlee@epd.gov.hk

HSBC Holdings Ltd
Mr. Charles Crowe
Legal Adviser
Group Head Office
10 Lower Thomas Street
London EC2P 2BP
United Kingdom
Tel: +44-171-260.4201
Fax: +44-171-260.3446

ICI
Mr. Mike Wright
Group Environment Adviser
9 Millbank
London SW1 3JF
United Kingdom
Tel: +44-171-798.5425
Fax: +44-171-798.5882
E.mail: mike-wright@ici.com

Imperial College
Ms. Roberta Capogna-Bateman
35 Bird Farm Road, Fulbourn
Cambridge CB1 5DP
United Kingdom
Tel: +44-0802-434.132
E.mail: capogna.R@adlittle.com

Imperial College
Mr. Hugo Rodger-Brown
28 Chelsham Road
London SW4 6NP
United Kingdom
Tel: +44-171-498.0941
E.mail: hugo.rodger-brown@ic.ac.uk

Imperial College Centre for Environmental Technology (ICCET)
Mr. Uwe Bergmann
Im Thunder Feld 22
D-51069 Cologne
Germany
Tel: +49-221-684.632
Fax: +49-221-968.7178
E.mail: uwe.bergmann@ic.ac.uk /
u.bergmann@t-online.de

INCAE
Mr. Lawrence Pratt
Associate Director
P.O. Box 960-4050
Alajuela
Costa Rica
Tel: +506-443.0506
Fax: +506-433.9606
E.mail: prattl@mail.incae.ac.cr

Independent Insurance Co.
Mr. Mark Quartermaine
Market Research Manager
Gordon Henry House, Station Road
Edenbridge, Kent TN8 5LY
United Kingdom
Tel: +44-1732-868.487
Fax: +44-1732-865.354

Indonesian Ecolabelling Institute
Mr. Ahmad Mubariq
Executive Director
Menara era Suite 703
Jl.Senan Raya No.135-137
Jakarta 10410
Indonesia
Tel: +62-21-386.5457
Fax: +62-21-386.5462
E.mail: lei@indo.net.id
mubariqa@cbn.net.id

Industrial Development Bank
Mr. Wahbeh Tayseer
Deputy General Manager
P.O. Box 1982
Amman 11118
Jordan
Tel: +962-6-464 2216
Fax: +962-6-464 7821

Institute for Environmental Management and Business Administration at the European Business School
Dr. Paschen von Flotow, OEC
Schloss Reichartshausen
D-65375 Oestrich-Winkel
Germany
Tel: +49-6723-996.313
Fax: +49-6723-996.321
E.mail: flotow@instoec.de

Instituto Andino ynde la Cuenca del Pacifico
Mr. Valentin Bartra
Director
Sinchi Roca 2630, Lince
Lima 14
Peru
Tel: +51-1-221.0734
Fax: +51-1-446.2129
E.mail: vbtaipan@wayna.rcp.net.pe

Inter-American Investment Corporation
Mr. Philip James
Chief Engineer & Environment Officer
1300 New York Ave., NW
Washington, D.C. 20577
United States of America
Tel: +1-202-623.3925
Fax: +1-202-623.3802
E.mail: philipj@iadb.org

International Finance Corporation (IFC)
Mr. Todd Hanson
Environmental Specialist
2121 Pennsylvania Ave., NW
Washington, D.C. 20577
United States of America
Tel: +1-202-473.8621
Fax: +1-202-974.4348
E.mail: thanson@ifc.org

International Finance Corporation (IFC)
Ms. Deborah Vorhies
Project Officer, Environmental Projects Unit
134 Chemin du Pain Loup
F-01220 Vesenex, Divonne les Bain
France
Tel: +33-4-5020.7668
Fax: +33-4-5020.7612
E.mail: dvorhies@ifc.org

International Institute for Industrial Environmental Economics (IIIEE)
Ms. Asa Skillius
Research Associate
P.O. Box 196
S-221 00 Lund
Sweden
Tel: +46-8-222.0200
Fax: +46-8-222.0230
E.mail: Asa.Skillius@iiiee.lu.se

International Institute for Applied Systems Analysis (IIASA)
Mr. Paul Freeman
Senior Research Scholar
A-2361 Laxenburg
Austria
Tel: +43-2236-807.471
Fax: +43-2236-731.47
E.mail: freeman@iiasa.ac.at

Jessie Smith Noyes Foundation
Mr. Stephen Viederman
President
6E 39th Street
New York 10016
United States of America
Tel: +1-212-684.6577
Fax: +1-212-689.6549
E.mail: stevev@noyes.org

KPMG
Mr. David Coles
Partner
8 Salisbury Square
London EC4Y 8BB
United Kingdom
Tel: +44-171-311.4163
Fax: +44-171-311.4121
E.mail: david.coles@kpmg.co.uk

KPMG
Mr. Timo van der Brink
Burgemeester Rynderslaon 20
1185 MC Amsterdam
The Netherlands
Tel: +31-20-656.7592
Fax: +31-20-656.7966
E.mail: vandenbrink.timo@kpmg.nl

Kreditanstalt für Wiederaufbau
Mr. Jürgen Lottmann
Chief, Division for Environmental and Public Health
Palmengartenstrasse 5-9
D-60325 Frankfurt
Germany
Tel: +49-69-7431.3142
Fax: +49-69-7431.3932

Kreditanstalt für Wiederaufbau
Dr. Christian Zacherl
Director/First Vice President
Palmengartenstrasse 5-9
D-60325 Frankfurt
Germany
Tel: +49-69-7431.2914
Fax: +49-69-7431.2615

Landesbank Schleswig-Holstein
Mr. Rainer Krause
Senior Vice President
Mahrtensdamm 6
D-24103 Kiel
Germany
Tel: +49-431-900.2533
Fax: +49-431-900.1310

Liberty Environmental Services
Mr. Timothy A. Woodward
Partner
220 Montgomery Street
Penthouse 10
San Francisco, CA 94104
United States of America
Tel: +1-415-834.1600
Fax: +1-415-834.1603

Lloyds/TSB
Mr. Peter Waite
Manager, Environmental Risk
Victoria Square House
Victoria Square
Birmingham B1 1BZ
United Kingdom
Tel: +44-121-623.5379
Fax: +44-121-623.5391

Lowenstein Sandler PC
Mr. Jeffrey Gracer
Director
65 Livingston Ave., Roseland
New Jersey 07068-1791
United States of America
Tel: +1-973-597.2500
Fax: +1-973-597.2369
E.mail: jgracer@lowenstein.com

Midland Bank Plc
Mr. Russell Fletcher
Senior Manager, Credit Policy
Poultry
London EC2P 2BX
United Kingdom
Tel: +44-171-260.4776
Fax: +44-171-260.7741

Ministere de l’Amenagement du Territoire et de l’Environnment, France
Ms. Geneviève Verbrugge
Service des Affaires Internationales
20 Ave. de Segur
75007 Paris
France
Tel: +33-1-4219.1775
Fax: +33-1-4219.1772
E.mail: genevieve.vergrugge
@environnment.gov.fr

Ministry of the Environment, Sweden
Ms. Kerstin Grönman
First Secretary
S-103 33 Stockholm
Sweden
Tel: +46-8-405.3774
Fax: +46-8-814.0987
E.mail: kerstin.gronman
@environment.ministry.se

Ministry of the Environment, State of Israel
Ms. Hagit Sharf
Environmental Economics Co-ordinator
Division of Standards, Economics & Information
5 Kanfey Hanesharim, P.O. Box 34033
Jerusalem 95464
Israel
Tel: +972-2-6553.758/7
Fax: +972-2-6553.752

MM Warburg & Co.
Dr. Thomas Keidel
Ferdinandstrasse 75
D-20095 Hamburg
Germany
Tel: +49-40-3282.2347
Fax: +49-40-3618.1109
E.mail: tkeidel@mmwarburg.com

Monitor Press Ltd
Ms. Karen Fulcher
Press Officer
Suffolk House, Church Field Road
Sudbury, Suffolk CO10 6YA
United Kingdom
Tel: +44-1787-378.607
Fax: +44-1787-880.201
E.mail: karen.fulcher
@monitorpress.co.uk

Monitor Press Ltd
Mr. Christopher Smeathers
Commissioning Editor
Suffolk House, Church Field Road
Sudbury, Suffolk CO10 6YA
United Kingdom
Tel: +44-1787-378.607
Fax: +44-1787-880.201
E.mail: chris.smeathers
@monitorpress.co.uk

Monsanto
Ms. Martina Bianchini
Manager, Sustainable Development and External Affairs
270-272 Ave. de Tervuren
B-1150 Brussels
Belgium
Tel: +32-2-776.4589
Fax: +32-2-776.4606
E.mail: martina.bianchini
@monsanto.com

Morgan, Lewis & Bockius LLP
Mr. John J. Fahsbender
Associate
101 Park Avenue
New York, NY 10178
United States of America
Tel: +1-212-309.7063
Fax: +1-212-309.6273
E.mail: fahs7063@mlb.com

National Fund for Environment and Protection and Water Management
Mr. Skawomir Skrzypek
Vice President
ul. Konstrvktorska 3A
02-673 Warsaw
Poland
Tel: +48-22-493.888
Fax: +48-22-497.272
E.mail: sloweks@infosign.gov.pl

National Savings and Commercial Bank Ltd
Mr. Gyula Hegedüs
Head of Credit Risk Management Dept.
Bankcenter
Szabadsag Ter 7-8
H-1054 Budapest
Hungary
Tel: +36-1-302.9440
Fax: +36-1-302.9437
E.mail: ghegedus@otpbank.hu

National Wildlife Federation
Ms. Julie Tanner
Finance and the Environment Programme
1400 16th St., NW 501
Washington, D.C. 20036
United States of America
Tel: +1-202-797.6602
Fax: +1-202-797.5486
E.mail: tanner@nwf.org

NatWest Group
Mr. Peter Charnley
Group Property
41 Lothbury
London EC2P 2BP
United Kingdom
Tel: +44-171-726.1082
Fax: +44-171-726.1183
E.mail: peter.charnley@nwgroup.co.uk

NatWest Group
Mr. Derek Wanless
Group Chief Executive
41 Lothbury
London EC2P 2BP
United Kingdom
Tel: +44-171-726.1000
Fax: +44-171-726.1183

North American Development Bank
Mr. Victor Miramontes
Managing Director/CEO
203 South St Mary’s, Suite 400
San Antonio, TX 78205
United States of America
Tel: +1-210-231.8000
Fax: +1-212-231.6074
E.mail: karenc@nadbank.org

NPI G.C. Investments
Ms. Tessa Tennant
Head of Environmental Investments
44 Gracechurch Street
London EC3P 3HH
United Kingdom
Tel: +44-171-665.3318
Fax: +44-171-665.3301
E.mail: Tessa_Tennant@npi.co.uk

PricewaterhouseCoopers LLP
Mr. Mark Browning
Associate
1 Embankment Place
London WC2N 6NN
United Kingdom
Tel: +44-171-213.2968
Fax: +44-171-213.1893
E.mail: mark.browning@uk.pwcglobal.com

PricewaterhouseCoopers LLP
Mr. Robert Jonardi
National Director
Environmental Services Group (U.S.)
3110 Fairview Park Drive, Suite 300
Falls Church, VA 22042
United States of America
Tel: +1-703-641.7662
Fax: +1-703-641.5568
E.mail: bob.j.jonardi@us.pwcglobal.com

PricewaterhouseCoopers LLP
Mr. Geoff Lane
Principal Associate
1 Embankment Place
London WC2N 6NN
United Kingdom
Tel: +44-171-213.4378
Fax: +44-171-213.1893
E.mail: geoff.lane@uk.pwcglobal.com

Prince of Wales Business Leaders Forum
Ms. Jane Nelson
Director, Policy and Research
15-16 Cornwell Terrace, Regents Park
London NW1 4QP
United Kingdom
Tel: +44-171-467.3637
Fax: +44-171-467.3610
E.mail: jane.nelson@publf.org.uk

Pro-Natura
Mr. Alan Dabbs
Director
55E. 75th Street
New York, NY 10021
United States of America
Tel: +1-212-717.7109
Fax: +1-212-628.4265
E.mail: awd_pronatura@hotmail.com

PT Beakindo Pacific
Dr. Michael Brady
Director
P.O. Box 3910
Jakarta 10039
Indonesia
Tel: +62-21-725.5102
Fax: +62-21-725.1227
E.mail: mbrady@indo.net.id

Rabobank Nederland
Dr. Sybren C. De Hoo
Sustainable Development Department
Postbus 17100, UH B634
3500 HG Utrecht
The Netherlands
Tel: +31-30-216.2447
Fax: +31-30-216.1348

Rabobank Nederland
Mr. Bart Jan Kroewel
Head of Sustainable Developments Department
Postbus 17100, UH B634
3500 HG Utrecht
The Netherlands
Tel: +31-30-216.2447
Fax: +31-30-216.1348

Royal & Sun Alliance
Mr. Paul Pritchard
Environmental Advisor
Leadenhall Court, 1 Leadenhall Street
London EC3U 1PP
United Kingdom
Tel: +44-171-337.5321
Fax: +44-171-337.5269
E.mail: paul.pritchard@rsa11.royal-and-sunalliance.com

Royal Bank of Scotland
Mr. David Graham
Environ. Manager, Property & Facilities Dept.
Drummond House, 1 Redheughs Ave.
Edinburgh EH12 9JN
United Kingdom
Tel: +44-131-523.7453
Fax: +44-131-317.7964
E.mail: grahadm@rbos.co.uk

Royal Bank of Canada
Mr. John Gray
Senior Manager, Environmental Risk Management
7th Floor, South Tower
Royal Bank Plaza, 200 Bay Street
Toronto, Ontario M5J 2J2
Canada
Tel: +1-416-974.5738
Fax: +1-416-974.6335
E.mail: john.gray@royalbank.com

RPS Consultants
Ms. Hilary Woollatt
Environmental Consultant
1 Stamford Street
London SE1 9NT
United Kingdom
Tel: +44-171-928.0999
Fax: +44-171-928.0708

Safety and Environmental Risk Management (SERM) Rating Agency Ltd
Mr. Jonathan Barber
Managing Director
Falcon House
P.O. Box 139, Old Common
Cobham KT11 1LE
United Kingdom
Tel: +44-1932-866.414
Fax: +44-1932-862.446
E.mail: jonathan_b@serm.co.uk

Salomon Smith Barney
Ms. Linda Descano
Vice President, Environmental Affairs
Seven World Trade Centre
New York, NY 10048
United States of America
Tel: +1-212-783.6928
Fax: +1-212-783.4346
E.mail: linda.descano@ssmb.com

Salomon Smith Barney
Mr. Paul Kers
Schiphol Blvd. 193
1118 BG Schiphol
The Netherlands
Tel: +31-20-316.0999
Fax: +31-20-653.2662
E.mail: Kers@euronet.nl

Sequoia
Ms. Joanna Yarrow
Sustainability Consultant
44 The Anchor Brewhouse
50 Shad Thames
London SE1 2LY
United Kingdom
Tel/Fax: +44-171-403.1859

SGS Supervise Poland
Mr. Piotr Sroczynski
Environmental Specialist
7 Derdowskiego St.
81-369 Gdynia
Poland
Tel: +48-58-621.6685
Fax: +48-58-661.5152
E.mail: piotr_stoczymski
@sgsgroup.com

Shearman & Sterling
Ms. Margaret Murphy
Partner and Head of Envt. Practice Group
599 Lexington Avenue
New York, NY 10022
United States of America
Tel: +1-212-848.7790
Fax: +1-212-848.7300
E.mail: mmurphy@shearman.com

Shell P&D (Peru)
Mr. Matthew Bateson
Treasurer
Expat Mail
Shell International, Shell Centre
London SE1 7NA
United Kingdom
Tel: +511-224.1616
Fax: +511-225.1711
E.mail: matthew.bateson@shell.com.pe

Skandinaviska Enskilda Banken
Mr. Gus Bladh
Head of Environmental Affairs
S-106 40 Stockholm
Sweden
Tel: +46-8-763.6125
Fax: +46-8-763.6055
E.mail: gosta.bladh@sebank.se

Standard Chartered Bank
Mr. Robert Tacon
Group Head, Risk Monitoring and Compliance
Group Risk Management
1st Floor, St. Clements House
27-28 Clements Lane
London, EC4N 7AP
United Kingdom
Tel: +44-171-280.7903
Fax: +44-171-280.7938

Storebrand
Ms. Sarita Bartlett
Portfolio Manager
Filipstad Briygge 1
P.O. Box 1380 Vika
N-0114 Oslo
Norway
Tel: +47-2-231.1018
Fax: +47-2-248.9985
E.mail: sarita.bartlett@storebrand.no

Storebrand
Mr. Jan-Olav Willums
Senior Vice President, Environment Policy and Investments
Filipstad Briygge 1
P.O. Box 1380 Vika
N-0114 Oslo
Norway
Tel: +47-2-231.1247
Fax: +47-2-248.9985
E.mail: willums@storebrand.no

SustainAbility
Ms. Shelly Fennell
Director
49-53 Kensington High Street
London W8 5ED
United Kingdom
Tel: +44-171-937.9996
Fax: +44-171-937.7447
E.mail: fennell@sustainability.co.uk

SustainAbility
Mr. Niklas Kreander
Research Associate
49-53 Kensington High Street
London W8 5ED
United Kingdom
Tel: +44-171-937.9996
Fax: +44-171-937.7447
E.mail: kreander@sustainability.co.uk

SustainAbility
Mr. Tell Muenzing
49-53 Kensington High Street
London W8 5ED
United Kingdom
Tel: +44-171-937.9996
Fax: +44-171-937.7447
E.mail: delbe@sustainability.co.uk

Sustainable Asset Management
Mr. Alois Flatz
Head of Sustainability Research
Signaustrasse 1
CH-8008 Zurich
Switzerland
Tel: +41-1-389.1104
Fax: +41-1-389.1100
E.mail: alois@samswiss.ch

Swedbank
Ms. Britt-Marie Lundh
Environment Manager
S-105 34 Stockholm
Sweden
Tel: +46-8-5859.3496
Fax: +46-8-7237.075

Swedish Bankers Association
Mr. Tomas Tetzell
Legal Adviser
P.O. Box 7603
S-103 94 Stockholm
Sweden
Tel: +46-8-453.4453
Fax: +46-8-796.9395
E.mail: tomas.tetzell
@bankforeningen.se

Swiss Federal Institute of Technology Zurich
Mr. Olaf Weber
ETH Center HAD
Haldenbachstrasse 44
CH-8092 Zurich
Switzerland
Tel: +41-1-632.6444
Fax: +41-1-632.1029
E.mail: weber@uns.umnw.ethz.ch

Tomorrow Magazine
Ms. Ann Goodman
Editor
15E 11th Street, No. 4L
New York, NY 10003
United States of America
Tel: +1-212-243.4327
E.mail: goodmanann@aol.com

Triodos Bank NV
Mr. Koert Jansen
Assistant to the Management
P.O. Box 55
3700 AB, Zeist,
Netherlands
Tel: +31-30-69.6500
Fax: +31-30-69.6555
E.mail: koertjansen@triodos.nc

UBS AG
Dr. Heinrich Hugenschmidt
Director, Head of Environmental Risk Managment Services
Bahnhofstrasse 45
CH-8098 Zurich
Switzerland
Tel: +41-1-234.3828
Fax: +41-1-234.3415
E.mail: heinrich.hugenschmidt@ubs.ch

UBS Brinson
Ms. Ingeborg Schumacher
Associate Director, Environmental Performance Analysis
Gartenstrasse 9
CH-4002 Basel
Switzerland
Tel: +41-61-288.2437
Fax: +41-61-288.5524
E.mail: ingeborg.schumacher@ubs.com

UBS Warburg Dillon Read
Mr. Sven Hansen
Executive Director
100 Liverpool Street
London EC2M 2RH
United Kingdom
Tel: +44-171-901.1030
Fax: +44-171-901.2551
E.mail: sven.hansen@ubs.com

UK Roundtable on Sustainable Development
Ms. Linda Nurse-Thompson
Secretariat
Zone4/F4, Ashdown House
123 Victoria Street
London SW1E 6DE
United Kingdom
Tel: +44-171-890.4965
Fax: +44-171-890.4959
E.mail: nurselp@bp.com

UK Social Investment Forum
Ms. Penny Shepherd
Executive Director
Suite 308, 16 Baldwins Gardens
London EC1N 7RJ
United Kingdom
Tel: +44-171-404.1993
Fax: +44-171-404.1994
E.mail: uksif@gn.apc.org

UN Environment & Development UK Committee
Mr. Felix Dodds
UNED-UK Co-ordinator
c/o United Nations Association
3 Whitehall Court
London SW1A 2EL
United Kingdom
Tel: +44-171-930.2931
Fax: +44-171-839.1784
E.mail: una@mcr1.poptel.org.uk

Unibanco
Mr. Christopher Wells
Senior Editor
Ave. Eusebio Matoso
891-19 Andar
Brazil
Tel: +55-11-867.1647
Fax: +55-11-210.2392
E.mail: ubb.dpe@ubbsa.com.br

United Nations Conference on Trade and Development (UNCTAD)
Mr. Con Bartel
Programme Officer
Room E.9061, Palais des Nations
CH-1211 Geneva 10
Switzerland
Tel: +41-22-917.5875
E.mail: con.bartel@unep.ch

United Nations Conference on Trade and Development (UNCTAD)
Mr. Frank Joshua
U/GDS
Room E.10007, Palais des Nations
CH-1211 Geneva 10
Switzerland
Tel: +41-22-917.5834
E.mail: frank.joshua@unctad.org

United Nations Environment Programme (UNEP)
Dr. Klaus Töpfer
Executive Director
Room R-308
P.O. Box 30552, Gigiri
Nairobi
Kenya
Tel: +254-2-624001/2/3
Fax: +254-2-226.895
E.mail: klaus.topfer@unep.org

United Nations Environment Programme (UNEP)
Ms. Jacqueline Aloisi de Larderel
Director
Industry, Technology and Economics
Tour Mirabeau
39-43 Quai André Citroën
75739 Paris Cedex 15
France
Tel: +33-1-4437.1441
Fax: +33-1-4437.1474
E.mail: j.aloisi@unep.fr

United Nations Environment Programme (UNEP)
Mr. Hussein Abaza
Chief, Economics, Trade and Environment Unit
15 chemin des Anémones
CH-1219 Chatelaine, Geneva
Switzerland
Tel: +41-22-979.9179
Fax: +41-22-796.9240
E.mail: hussein.abaza@unep.ch

United Nations Environment Programme (UNEP)
Mr. David Dunn
Office of the Executive Director
P.O. Box 30552, Gigiri
Nairobi
Kenya
Tel: +254-2-624001/2/3
Fax: +254-2-226.895
E.mail: david.dunn@unep.org

United Nations Environment Programme (UNEP)
Mr. Mike Kelly
Co-ordinator FII
Geneva Executive Centre
15 chemin des Anémones
CH-1219 Chatelaine, Geneva
Switzerland
Tel: +41-22-917.8288
Fax: +41-22-796.9240
E.mail: mike.kelly@unep.ch

United Nations Environment Programme (UNEP)
Mr. Ken Maguire
Administration
15 chemin des Anémones
CH-1219 Chatelaine, Geneva
Switzerland
Tel: +41-22-979.9178
Fax: +41-22-796.9240
E.mail: maguirek@unep.ch

United Nations Environment Programme / University of Cambridge
Mr. Till Stoll
UNEP Roundtable Meeting Organiser
Queens’ College
Silver Street
Cambridge CB3 9ET
United Kingdom
Tel/Fax: +44-171-403.1859
E.mail: ts223@cam.ac.uk

United Nations Environment Programme (UNEP)
Ms. Mary-Jean van Vilet
Intern
Economics, Trade and Environment
15 chemin des Anémones
CH-1219 Chatelaine, Geneva
Switzerland
Tel: +41-22-979.9178
Fax: +41-22-796.9240
E.mail: eteu@unep.ch

Universidade de São Paulo
Ms. Maisa Ribeiro
Professora
Ave. Professor Luciano Gualaerio 408
São Paulo, CEP 05508-900
Brazil
Tel: +55-11-818.5820 Ext 164
Fax: +55-11-813.0120
E.mail: maisorib@usp.br

University of Cambridge
Mr. Alexander James
Graduate Student
19 Silver Street
Cambridge CB3 9EP
United Kingdom
Tel: +44-1223-337.147
Fax: +44-1223-337.130
E.mail: anj1000@cam.ac.uk

University of Cambridge
Dr. Jan Reiners
UNEP Conference Assistant
Queens’ College
Silver Street
Cambridge CB3 9ET
United Kingdom
Tel: +44-1223-335.511

University of Cambridge
Dr. Jo Smith
Director of Programmes, CIES
Department of Geography
62 Sidney Street
Cambridge CB2 3JW
United Kingdom
Tel: +44-1223-333.366
Fax: +44-1223-355.674
E.mail: sc223@cam.ac.uk

University of Cambridge
Prof. Richard Weber
Vice-President
Queens’ College
Silver Street
Cambridge CB3 9ET
United Kingdom
Tel: +44-1223-335.511
E.mail: R.R.Weber@statslab.cam.ac.uk

Urgewald
Ms. Caroline Zuniga
Financial Services Analyst
Thielenstrasse 12
D-50825 Cologne
Germany
Tel/Fax: +49-221-5503.908
E.mail: urgewald@koeln.netsurf.de

Valquest b.v.
Mr. Ludo van Oyen
Lange Voorhout 43
The Hague 2514 EC
The Netherlands
Tel: +31-653-487.151
Fax: +31-70-427.5069
E.mail: ludovalquest@compuserve.com

Van Dam & Den Doelder MC
Mr. Stefan Den Doelder
Partner
Lange Voorhout 43
The Hague 2514 EC
The Netherlands
Tel: +31-70-392.1488
Fax: +31-70-392.1490
E.mail: vddd@wxs.nl

VBDO Association of Investors for Sustainable Development
Mr. Piet Sprengers
Director
P.O. Box 504
4100 AM Culemborg
The Netherlands
Tel/Fax: +31-345-532.653
E.mail: vbdo@ixs.nl

Walden Capital Management
Ms. Lauren Compere
Senior Associate
1 Boston Place
Boston, MA 02108
United States of America
Tel: +1-617-973.9700
Fax: +1-617-723.3140
E.mail: ivcwcm@aol.com

Wallace Global Fund
Ms. Melissa Dann
Program Officer
1990 M Street, NW, Suite 250
Washington, D.C. 20036
United States of America
Tel: +1-202-452.1530
Fax: +1-202-452.0922
E.mail: mdann@wgf.org

Weyerhaeuser Company
Mr. Robert Prolman
Director, International Environmental Affairs
P.O. Box 2999, M/S chil28
Tacoma, WA 98477-2999
United States of America
Tel: +1-253-924.2697
Fax: +1-253-924.2013
E.mail: prolmab@wdni.com

World Press Centre
Mr. Peter Thompson
Update News Ltd
3 Parolles Road
London N19 3RE
United Kingdom
Tel: +44-171-263.6331
Fax: +44-171-281.2866

World Resources Institute (WRI)
Mr. Donald Reed
Deputy Director, MEB
1709 New York Ave., NW
Washington D.C. 20006
United States of America
Tel: +1-202-434.1987
Fax: +1-202-737.1510
E.mail: donr@wri.org

World Resources Institute (WRI)
Mr. Bob Repetto
Senior Fellow
1709 New York Ave., NW
Washington D.C. 20006
United States of America
Tel: +1-202-662.2597
Fax: +1-202-638.0036
E.mail: bobr@wri.org

World Resource Institute (WRI)
Ms. Frances Seymour
Director, Institutions and Governance Program
1709 New York Ave., NW
Washington D.C. 20006
United States of America
Tel: +1-202-662.2533
Fax: +1-202-638.0036
E.mail: francess@wri.org

World Wildlife Fund (WWF)
Ms. Rachel Crossley
Forestry and Finance Specialist
20 Exchange Place, 32 Floor
New York, NY 10005
United States of America
Tel: +1-212-482.0671
Fax: +1-212-482.0679
E.mail: crossley@eacapital.com

World Wildlife Fund (WWF)
Mr. Jonathan Points
Special Adviser, Forests for Life
Branksome House, Filmer Grove
Godalming, Surrey GU7 3AB
United Kingdom
Tel: +44-1483-419.266
Fax: +44-1483-427.965

World Wildlife Fund (WWF)
Ms. Kirsti Thornber
Global Forestry and Financial Initiative
8 Southmoor Road
Oxford OX2 6RD
United Kingdom
Tel: +44-1865-515.170
Fax: +44-1865-552.796
E.mail: KirstiTh@aol.com

World Wildlife Fund (WWF) Indonesia
Dr. E.G. Togu Manurung
Forest Policy Advisor
Jalan Kramat Pela No. 3
Gandaria Utara
Jakarta 12140
Indonesia
Tel: +62-21-720.3095
Fax: +62-21-739.5907
E.mail: tmanurung@wwfnet.org

Yasuda Fire & Marine Insurance Co. Ltd
Mr. Yasuro Ohtani
Manager, Global Investment Dept.
City Tower, Level 16
40 Basinghall Street
London EC2
United Kingdom
Tel: +44-171-374.0880
Fax: +44-171-374.0990
E.mail: yohtani@uk.so-net.com

Zeraik & Adami Advogados Associados
Mr. Humberto Adami Santos Jr.
Lawyer
Senador Dantas, 75, Grupo 1301, Centro
Rio de Janeiro, CEP 20.031-000
Brazil
Tel: +55-21-262.5823
Fax: +55-21-532.6500
E.mail: adami@ax.apc.org

We are most grateful to all the speakers for giving such excellent presentations, which laid the basis for a fruitful discussion and very useful outcomes. Additionally, many thanks go to the session managers and sponsors (see below) who helped to make this roundtable meeting a great success. We also appreciate the support of Professor Richard Weber, Vice-President of Queens’ College, who kindly opened the conference in place of the Rt Hon. Lord Eatwell, President of Queens’ College, who was unfortunately unable to attend. Finally, we would like to thank the staff of Queens’ College for their hard work before and during the roundtable meeting. They provided us with exceptional facilities and created a relaxed and productive atmosphere.

Klaus Töpfer, UNEP (Session 1), Charles Crowe, HSBC Holdings Plc (Session 2), Heinrich Hugenschmidt, UBS (Session 3A), Franz Knecht, E2 Management Consulting (Session 3B), Geoff Lane, PricewaterhouseCoopers (Session 3C), Frank Figge, Bank Sarasin & Cie (Session 4), Tessa Tennant, NPI G.C. Investments (Session 5A), Peter Waite, Lloyds/TSB Group (Session 5B), Tony Wheeler, Deutsche Bank (Session 5C), John Gray, Royal Bank of Canada (Session 6).

Sponsors:

Cambridge University Centre

The Economist

Financial Times

Jet Photographic Cambridge

Norman Harding Design & Print Cambridge

Reuters UK

Xerox UK

The opinions expressed in this report do not necessarily reflect those of the United Nations Environment Programme.

Please contact the Secretariat to order a hardcopy of the Roundtable Meeting Report.

Financial Institutions Initiative, UNEP
Geneva 1998