Responsible investment scheme launched

The United Nations Environment Programme (UNEP) has announced plans to work with major institutional investors to create a framework of responsible investment practices, by September 2005. The initiative aims to bring in environmental and social issues into investor and capital market considerations, around the world.

The ‘Responsible Investment Initiative’, announced this week, follows a meeting of more than 40 investors and fund managers in Paris last month, where the key issues were initially proposed, and a recently completed 14-month study by the UNEP into the financial impacts of sustainable development.

"The time is now right to develop principles to guide best practice in responsible investment decisions worldwide", commented Klaus Toepfer, UNEP's Executive Director. "The world's largest banks have the Equator Principles to guide their actions in a manner supportive of sustainable development. We believe the investor community is now ready for similar principles to assist with the complex process of responsible investment that meets investor expectations.”