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EU Sustainable Finance Taxonomy: Implications on Responsible Property Investment

The European Commission’s Technical Expert Group on Sustainable Finance has just released its proposed ‘taxonomy’ to promote a common understanding of economic activities that contribute to EU goals on climate change and achieving the SDGs. The taxonomy effectively creates a standard for the low carbon and environmental sustainability performance of buildings and property, amongst other asset types. Financiers can use the taxonomy to channel capital toward assets that meet the standard so as to manage their risk and positively contribute to societal outcomes. The webinar will provide a brief review of the taxonomy as applied to buildings, as well as offer reflections from property investors in other parts of the world on how green finance is evolving in their regions and how the taxonomy may accelerate those changes.

Speakers:
Ursula Hartenberger, Global Head of Sustainability at RICS
Esther An, Chief Sustainability Officer at City Developments Limited
James McIntyre, Director of Capital Markets at New York State Homes and Community Renewal
Elodie Feller, Programme Lead, Investment at UN Environment Finance Initiative
Matthew Ulterino, Property Investment Project Coordinator at UN Environment Finance Initiative (Moderator)
Recorded Jul 25 2019 60 mins
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    Butch Bacani - UNEP FI | James Wallace - Allianz
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    At the Munich event, the first-ever insurance industry guide to manage environmental, social and governance (ESG) risks was launched. The event was co-organised by UN Environment’s Principles for Sustainable Insurance Initiative (PSI) and Allianz.

    The pioneering guide is the result of a multi-year collaborative effort with leading insurers and key stakeholders through a global consultation process. It shows how insurers can develop a systematic approach to managing ESG risks such as climate change, environmental degradation, protected sites and species, animal welfare, human rights, controversial weapons, and corruption.

    The guide includes heat maps indicating the level of potential ESG risk across lines of business and economic sectors—from agriculture, chemicals, defence, energy, healthcare and technology; to infrastructure, manufacturing, mining, real estate, transport and utilities.
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    Over 200 insurance industry leaders and stakeholders from across the globe gathered in Munich last February to raise the industry’s ambition in tackling the world’s most pressing sustainability challenges.

    At the Munich event, the first-ever insurance industry guide to manage environmental, social and governance (ESG) risks was launched. The event was co-organised by UN Environment’s Principles for Sustainable Insurance Initiative (PSI) and Allianz.

    The pioneering guide is the result of a multi-year collaborative effort with leading insurers and key stakeholders through a global consultation process. It shows how insurers can develop a systematic approach to managing ESG risks such as climate change, environmental degradation, protected sites and species, animal welfare, human rights, controversial weapons, and corruption.

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  • EU Sustainable Finance Taxonomy: Implications on Responsible Property Investment Recorded: Jul 25 2019 60 mins
    Please see description
    The European Commission’s Technical Expert Group on Sustainable Finance has just released its proposed ‘taxonomy’ to promote a common understanding of economic activities that contribute to EU goals on climate change and achieving the SDGs. The taxonomy effectively creates a standard for the low carbon and environmental sustainability performance of buildings and property, amongst other asset types. Financiers can use the taxonomy to channel capital toward assets that meet the standard so as to manage their risk and positively contribute to societal outcomes. The webinar will provide a brief review of the taxonomy as applied to buildings, as well as offer reflections from property investors in other parts of the world on how green finance is evolving in their regions and how the taxonomy may accelerate those changes.

    Speakers:
    Ursula Hartenberger, Global Head of Sustainability at RICS
    Esther An, Chief Sustainability Officer at City Developments Limited
    James McIntyre, Director of Capital Markets at New York State Homes and Community Renewal
    Elodie Feller, Programme Lead, Investment at UN Environment Finance Initiative
    Matthew Ulterino, Property Investment Project Coordinator at UN Environment Finance Initiative (Moderator)
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    • Martin Spolc, Head of Unit, DG Financial Stability, Financial Services and Capital Markets Union, European Commission
    • Nathan Fabian, Chief Responsible Investment Officer, PRI, Chair of the TEG Taxonomy Working Group
    • Elodie Feller, Investment Programme Lead, UNEP FI, Observer in the Technical Expert Group
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    Hear from the leaders at UNEP FI about next steps in SDG finance, as well as in TCFD implementation, and how the bigger picture in sustainable finance is evolving.


    A stocktake of SDG Finance

    Where are we at with SDG financing? Latest UN reports (HLPF, September 2018) suggest we may not be on track overall with SDGs. UNEP FI & a range of partners believe that results-driven – i.e. impact focused – analysis needs to be consolidated and mainstreamed to meaningfully connect the private and finance sector to the SDG agenda. The Principles for Positive Impact provide a meta-framework with a holistic definition of impact to complement and promote convergence among the growing body of impact-oriented methodologies and standards.



    Next steps in TCFD implementation

    How can financial institutions better understand, assess, and prepare for climate change, across meteorological, technological, and regulatory domains? How can they do so in a forward-looking, scenario-based manner, that allows them to respond to the FSB TCFD? How are they coalescing and organising on UNEP FI platforms to jointly develop answers? UNEP FI has led several pilot-projects on TCFD implementation, and here, we share the results and outcomes.
UNEP FI
United Nations Environment Programme Finance Initiative (UNEP FI) is a partnership between United Nations Environment and the global financial sector created in the wake of the 1992 Earth Summit with a mission to promote sustainable finance. More than 240 financial institutions, including banks, insurers, and investors, work with UN Environment to understand today’s environmental, social and governance challenges, why they matter to finance, and how to actively participate in addressing them.

UNEP FI’s work also includes a strong focus on policy – by facilitating country-level dialogues between finance practitioners, supervisors, regulators and policy-makers, and, at the international level, by promoting financial sector involvement in processes such as the global climate negotiations.

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