Media release
For immediate release

The International Cooperative and Mutual Insurance Federation with $8 trillion ofassets under management appointed to the board of the Climate Bonds StandardLondon, 14 Nov 2014: The International Cooperative and Mutual Insurance Federation (ICMIF),
representing members with a collective USD 8 trillion of assets under management, today joined theClimate Bonds Standard Board; the organization working to set standards, monitor, promote anddefine climate smart investments globally.
Climate Bond Standard & Certification Scheme is a project of the Climate Bonds Initiative, whichaims to mobilize capital markets for rapid transition to a low-carbon and climate resilient economy –It is overseen by a board now representing over $32 trillion of assets under management.
Today’s announcement comes only a few months after ICMIF’s Chief Executive, Shaun Tarbuck,spoke at the United Nations Climate Summit in New York where he pledged that the insurance
industry will double its climate-smart investment by the end of 2015, and by a factor of 10 by 2020.
Mr Tarbuck said: “I am delighted to be nominated to the CBS Board as this is a high level strategically
influential group than can help deliver on climate change commitments we have made. The ICMIF
Board approved the participation in this initiative at its meeting last month as it believes that themutual insurance industry has a pivotal role to play in managing the pressing issue of climate risk.”
Sean Kidney, CEO of the Climate Bonds Initiative said: “The commitment by the insurance industry todramatically increase its climate-smart investments is incredibly important to the financing ofclimate solutions. ICMIF’s involvement in the Climate Bond Standards Board will help ensure thatthe infrastructure for a large and liquid climate bonds and green bonds market is created to suit theneeds of investors, speeding the flow of capital to climate solutions.”
Shaun Tarbuck of ICMIF added; “The insurance industry holds one third of the world’s investible
assets and the mutual and cooperative sector accounts for almost a third of that which equates toaround USD 10 trillion. Our sector has been quick to respond to recent calls for leadership from theUnited Nations in the climate change debate, as by nature our members want to be moreaccountable and recognise that investment reform is needed to ensure that climate smart
investment is core to their strategies as well as to the global economy. ”---ENDS--For more information or to arrange interviews, please contact:
Rozalia Walencik, Communication, rozalia@climatebonds.net +44 772 382 8954
Sean Kidney, CEO, Climate Bonds Initiative, sean@climatebonds.net, +44-75-2506-8331
Liz Green, Senior Vice-President, External Relations, ICMIF, liz@icmif.org +44 7793 264 220
Alison Grant, Communications Manager, ICMIF alison@icmif.org +44 161 952 5078
About ICMIF’s leadership at the United Nations Climate Summit
On 23 September 2014 Shaun spoke on behalf of the global insurance sector at the United Nations
Secretary-General Ban Ki-moon’s Climate Summit on the topic of green/climate-smart investments.

He pledged that the global insurance industry, which currently accounts for a third of the world’sinvestment would increase its climate-smart investments - from USD 42 billion to USD 84 billion by
end of 2015. To achieve this the insurance industry is set to transform its mainstream asset
management by placing a more emphasis on climate risk.
About the Climate Bonds Initiative
The Climate Bonds Initiative is an international, investor-focused not-for-profit organization. It is the
only organization in the world focusing on mobilizing the USD 100 trillion bond market for climatechange solutions.
The Climate Bonds Initiative aims to reduce the cost of capital for climate related investments, whileat the same time seeing the creation of safe and secure investments suitable to the needs of pension
and insurance funds. The organization believes that a large and liquid Green and Climate Bonds
Market will help to drive down the cost of capital for climate projects and improve access to lowercost debt in emerging markets.
About the mutual and cooperative insurance sector (see www.icmif.org )

Fastest growing part of the insurance industry
Accounts for almost 30% of the insurance market
Increased its premium income by 27% since 2007
Member-driven insurers that put people and the planet, ahead of profit

About ICMIF
ICMIF aims to promote and work with the cooperative and mutual insurance sector globally byproviding valuable, cutting-edge information and services to members and by representing theinterests of the global cooperative and mutual insurance sector
With its global headquarters in the United Kingdom and regional offices in Washington DC, USA;Tokyo, Japan; and Brussels, Belgium, today ICMIF represents over 225 "people-centred insurers" in70+ countries with over USD 250 billion in premium income.
The Climate Bond Standard Board
The Climate Bond Standards Board is developing standards for fixed income investments in areasthat support a rapid transition to a low-carbon and climate resilient economy: i.e. eligible to becalled Climate Bonds. This will provide greater certainty for investors about the climate benefit of
their investments, especially in controversial areas like energy efficiency and bio-energy.
ICMIF will join existing Board members representing $24 trillion of assets under management:
California State Teachers’ Retirement System (CalSTRS), the State Treasurer of California, the (US)Investor Network on Climate Risk, the Natural Resources Defense Council, the Carbon Disclosure
Project,th (EU) Institutional Investor Group on Climate Change and the (Australian) Investor Groupon Climate Change.
There is also an Industry Working Group which consults with the Climate Bond Standards Board.
Members include representatives from: Standard & Poor’s, Aviva Investors, ACTIAM, the IFC (a partof the World Bank Group), KPMG, PricewaterhouseCoopers, DNV and Calvert Funds Management.

The Board has already created standards for wind energy, solar and related investments and has
certified its first bonds. Criteria for energy efficiency in buildings and low carbon transport are soon
to be released, with water and agriculture criteria in development.
For details, visit www.climatebonds.net/standards