CII launches new Green Finance Companion Guide

The Guide 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.

The Guide summarises the CII’s specific expectations of members in relation to each element of our Code of Ethics. In particular, 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 5/10/15 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.

Specific details of what else members can do in relation to Green Finance to ensure compliance with the other duties in the Code of Ethics are also provided, along with a selection of further reading. 

Alan Vallance, CII Chief Executive, said: “Professionals are often at the cutting edge of change in our lives, leading the way and setting examples for others to follow. 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.”

Rebekah Clement, Sustainability Director, Lloyd’s of London, said: “Now more than ever, businesses and individuals are expected to play their part in tackling the far-reaching issues facing society. Whether embedding sustainability principles deep within an organisation’s purpose or deploying our expertise, resource and aid in the face of a humanitarian crisis, the challenge remains constant as does the need for action. I hope this guide serves you well and encourages further collaboration as we continue our work to build a more resilient, sustainable and inclusive finance sector for the years to come.”

For those who wish to further develop their expertise in climate risk, the CII has joined our fellow Chartered Body Alliance bodies to develop the Certificate in Climate Risk – a qualification which aims to support finance and risk professionals globally to develop their expertise in this area.