Edited by Stephen Tully
Chapter 79: UNEP: Statement of Environmental Commitment by the Insurance Industrym 2002
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 environmental considerations within asset management. The Insurance Industry Initiative (http://unepfi.net/iii/index.htm) also considers the impact of climate change, multilateral 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, environmental and financial costs. Our Industry plays an important role in managing and reducing environmental risk, in conjunction with governments, individuals and organizations. We are committed to work together to address key issues such as pollution reduction, the efficient 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 work within an appropriate framework of cost efficient regulations and economic instruments....
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