The Chartered Insurance Institute (CII) has published a Green Finance Companion Guide.
It provides an explanation of Green Finance, gives members guidance on how to incorporate Green Finance-related thinking into their decision-making, and sets out their need to act as role models when it comes to sustainability.
The guide is not just for members, despite it being written for them, but is intended for use by all insurance and personal finance professionals.
It also recognises that protection of the natural environment is a global concern, and highlights action plans, resources and commitments made by regulators, governments and federations across the world to enable effective change.
It notes that for members to act with the highest ethical standards and integrity, they should:
- Consider what an outsider would think of their choices, including ‘how would this decision impact the environment in five, 10 or 15 years?’ or ‘what would my child…think of this decision if they were to know about it when they are older?’
- Promote professional standards throughout the sector, sharing good practice and seeking alignment and commonality with other firms
- Encourage their company to publish a Green Finance strategy, perhaps under the umbrella of a wider set of ESG commitments
- Consider speaking up if they witness practices within their organisation which would lead to environmental damage
- Develop the ability to put oneself in the position of others, and make choices that ‘do good’ for many – not just those in their direct circle.
Alan Vallance, CII Chief Executive, said: “One of the greatest needs of our time is to make sustainable choices for the future, and be mindful of protecting our environment and natural resources. Clients are increasingly aware and concerned about their impact on the planet, and many firms in which professionals work have ESG policies that they expect their staff to uphold.
“This Companion Guide seeks to help insurance and personal finance professionals understand that their responsibilities when it comes to Green Finance are part of their duty to act ethically, and learn about how they can make a difference day to day to meet the needs of the planet, as well as the needs of their clients.”