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Finance sector reaping ‘false profits’ [Australia]

Author: Australian Conservation Foundation, Published on: 27 April 2006

The finance sector in Australia is not measuring or adequately considering how environmental impacts affect long-term financial performance and risk, according to a new report issued today by the Australian Conservation Foundation [AFC]. The report, False Profits: how Australia's finance sector undervalues the environment and what we can do about it, provides the first quantitative analysis and comparison of the environmental impacts of the large-scale corporate lending activities of different banks..."It's not all bad news. The report shows how some financial institutions are adopting innovative strategies to improve the environmental sustainability of their core financial decision-making and public policy activities. However, these companies remain in the minority..." [said ACF executive director Don Henry]

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