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The financial services sector is under increasing scrutiny to demonstrate a positive response to reducing environmental impacts and risks. This means identifying, understanding, managing and reporting on environmental impacts, risks and opportunities. The pressure comes from its stakeholders (government, institutional investors, shareholders, customers, suppliers, employees and non-governmental organisations) and is directed towards two areas: performance in terms of direct (operational) impacts, and indirect (core business) impacts resulting from the management and delivery of products and services. Against this background, a consortium of financial institutions formed the FORGE Group and issued its ‘Guidelines on Environmental Management and Reporting for the Financial Services Sector”. FORGE Group members include Abbey National, Barclays, CGNU, Lloyds TSB, Prudential Plc, Royal Bank of Scotland, and Royal & Sun Alliance. The BBA and ABI have also been involved in developing these voluntary Guidelines which incorporate comments from an external stakeholder dialogue process. Environmental consultants from PricewaterhouseCoopers are advising the Group. The Department of Trade and Industry has sponsored the Guidelines with support from the Department of the Environment, Transport and Regions. Building on the experience of many financial services organisations, the Guidelines highlight why environmental management and reporting is an important part of corporate governance. They also identify the business activities that create key environmental management and reporting issues and provide guidance for developing management processes that avoid environmental risk, meet governance standards, and realise business opportunities. Frequently Asked Questions |