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Reporting Initiative (GRI); <strong>the</strong> IndicaRSE indicators system, used in several Central American<br />

countries; <strong>the</strong> indicators tool of <strong>the</strong> Colombian Business Council for Sustainable Development<br />

(CECODES); and <strong>the</strong> systems proposed by Instituto Ethos in Brazil and <strong>the</strong> Argentine Institute of<br />

Business Social Resp<strong>on</strong>sibility (IARSE). There are also specific indicators for each industrial sector<br />

(United Nati<strong>on</strong>s, <str<strong>on</strong>g>20</str<strong>on</strong>g>10; Correa, Van Hoof and Nuñez, <str<strong>on</strong>g>20</str<strong>on</strong>g>10).<br />

Table III.2<br />

LATIN AMERICA AND THE CARIBBEAN: MEMBER ORGANIZATIONS OF THE WORLD BUSINESS<br />

COUNCIL FOR SUSTAINABLE DEVELOPMENT<br />

Organizati<strong>on</strong> Country or territory Year of membership<br />

Acti<strong>on</strong> RSE Chile <str<strong>on</strong>g>20</str<strong>on</strong>g>04<br />

AED Costa Rica Costa Rica <str<strong>on</strong>g>20</str<strong>on</strong>g>03<br />

BCSD Argentina (CEADS) Argentina 1992<br />

BCSD Bolivia (CEDES) Bolivia (Plurinati<strong>on</strong>al State of) <str<strong>on</strong>g>20</str<strong>on</strong>g>03<br />

BCSD Brazil (CEBDS) Brazil 1997<br />

BCSD Colombia (CECODES) Colombia 1997<br />

BCSD Ecuador (CEMDES) Ecuador <str<strong>on</strong>g>20</str<strong>on</strong>g>02<br />

BCSD El Salvador (CEDES) El Salvador 1992<br />

BCSD H<strong>on</strong>duras (CEHDES) H<strong>on</strong>duras 1994<br />

BCSD Mexico (CESPEDES) Mexico 1994<br />

BCSD Nicaragua (uniRSE) Nicaragua <str<strong>on</strong>g>20</str<strong>on</strong>g>06<br />

BCSD Uruguay (DERES) Uruguay <str<strong>on</strong>g>20</str<strong>on</strong>g>06<br />

CentraRSE Guatemala <str<strong>on</strong>g>20</str<strong>on</strong>g>03<br />

Curaçao BCSD-Bedrijven Platform Milieu Curaçao <str<strong>on</strong>g>20</str<strong>on</strong>g>09<br />

Perú <str<strong>on</strong>g>20</str<strong>on</strong>g>21 Peru <str<strong>on</strong>g>20</str<strong>on</strong>g>01<br />

REDES Paraguay <str<strong>on</strong>g>20</str<strong>on</strong>g>03<br />

SumaRSE Panama <str<strong>on</strong>g>20</str<strong>on</strong>g>04<br />

UniRSE Nicaragua <str<strong>on</strong>g>20</str<strong>on</strong>g>06<br />

Source: World Business Council for Sustainable Development [<strong>on</strong>line] http://www.wbcsd.org/regi<strong>on</strong>al-network/memberslist/latin-america/acci<strong>on</strong>rse.aspx<br />

[<strong>da</strong>te of reference: December <str<strong>on</strong>g>20</str<strong>on</strong>g>11].<br />

The financial sector has great potential to influence both <strong>the</strong> behaviour of <strong>the</strong> productive private<br />

sector and public investment. Several banks in <strong>the</strong> regi<strong>on</strong> —and multinati<strong>on</strong>al banks with operati<strong>on</strong>s in<br />

<strong>the</strong> regi<strong>on</strong>— have adopted measures for financing envir<strong>on</strong>mentally friendly and <str<strong>on</strong>g>sustainable</str<strong>on</strong>g> investments.<br />

The financial sector has undertaken initiatives to assess envir<strong>on</strong>mental risk in investment decisi<strong>on</strong>s and to<br />

require that clients comply with envir<strong>on</strong>mental legislati<strong>on</strong>. These measures have been promoted through<br />

internati<strong>on</strong>al acti<strong>on</strong>s such as <strong>the</strong> UNEP Finance Initiative (UNEP-FI) and <strong>the</strong> Equator Principles of <strong>the</strong><br />

Internati<strong>on</strong>al Finance Corporati<strong>on</strong> (United Nati<strong>on</strong>s, <str<strong>on</strong>g>20</str<strong>on</strong>g>10). However, <strong>the</strong>se initiatives are still maturing<br />

and a change is needed in <strong>the</strong> way in which investments are evaluated, by taking into c<strong>on</strong>siderati<strong>on</strong><br />

external costs and life cycles.

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