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"UNEP: Statement of Environmental Commitment by the Insurance Industrym 2002" [2005] ELECD 302; in Tully, Stephen (ed), "International Documents on Corporate Responsibility" (Edward Elgar Publishing, 2005)

Book Title: International Documents on Corporate Responsibility

Editor(s): Tully, Stephen

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781843768197

Section: Chapter 79

Section Title: UNEP: Statement of Environmental Commitment by the Insurance Industrym 2002

Number of pages: 2

Extract:

79. UNEP: Statement of Environmental
Commitment by the Insurance Industry,
2002

Commentary: First formulated in 1995, approximately 90 companies from 27
States have since signed the Statement. Noting important contributions to be made
by the insurance industry, the signatories support insurance products and services
which promote environmentally sound practices and undertake to include environ-
mental considerations within asset management. The Insurance Industry Initiative
(http://unepfi.net/iii/index.htm) also considers the impact of climate change, multilat-
eral environmental agreements and environmental reporting. It produces reports,
holds annual general meetings and arranges conferences. See also, UNEP's Insurance
Industry Initiative (1996), `Final Report on Implementing Environmental Commitment
in the Insurance Industry', London.




Preamble
The insurance industry recognizes that economic development needs to be compatible with
human welfare and a healthy environment. To ignore this is to risk increasing social, envi-
ronmental and financial costs. Our Industry plays an important role in managing and reduc-
ing environmental risk, in conjunction with governments, individuals and organizations. We
are committed to work together to address key issues such as pollution reduction, the effi-
cient use of resources, and climate change. We endeavour to identify realistic, sustainable
solutions.


1. General Principles of Sustainable Development
1.1 We regard sustainable development, defined as development that meets the needs of
the present without compromising the ability of future generations to meet their own
needs, as a fundamental aspect of sound business management.
1.2 We believe that sustainable development is best achieved by allowing markets to ...