Submitted by H. Hutton on Fri, 13/12/2019 - 16:23
18 December 2019 – This year’s ClimateWise Principles Review is the first since the framework was aligned with the Taskforce for Climate-related Financial Disclosures (TCFD) and reflects the ambition of our members to be accountable on their climate response.
This year’s ClimateWise Principles Review is the first since the framework was aligned with the Taskforce for Climate-related Financial Disclosures (TCFD) and reflects the ambition of our members to be accountable on their climate response.
The ClimateWise Principles provide a framework for the insurance industry to disclose climate-related risk and opportunity. All ClimateWise members report annually against this framework. Reports are independently reviewed, scored and anonymised in a combined report to form the ClimateWise Principles Independent Review.
With the higher TCFD bar, the combined group score has decreased from last year. The 2019 scores now offer ClimateWise members a new benchmark against which to measure leadership and support one another’s progress.
A recent UN report indicating global emissions continue to rise out of step with the aims of the Paris Agreement, is just the latest reason why the transition from recommendation to regulation is vital to ensure climate action leads to a net zero future.
The TCFD-aligned ClimateWise Principles are part of this next stage of levelling the playing field by improving transparency. This first year of alignment marks an important milestone for enabling the insurance industry to proactively lead and support the TCFD disclosures and open up new opportunities across the public and private sector for building resilience.
Dominic Christian, Chair of ClimateWise and Global Chairman, Reinsurance Solutions at Aon said:
“ClimateWise members are leaders in climate-related disclosures having been reporting, independently benchmarking and sharing learnings from the industry for over ten years. The fantastic range of disclosures, at various stages of maturity, reflects the ClimateWise member commitment to learning and sharing their knowledge to enable full disclosure by the industry. The next year will be a pivotal one for climate negotiations. The insurance industry is ready to play its part.”
ClimateWise is made up of a range of industry organisations from insurers, reinsurers and brokers to membership bodies and associations. Each has their own starting point, but all ClimateWise members recognise the importance of climate-related disclosure and support each other on their disclosure journeys. The scores from the 2019 report, which average 51 per cent, will form a critical baseline for ClimateWise members to consider, measure and build on over the next crucial years.
Bronwyn Claire, Senior Programme Manager for ClimateWise, said:
“This is clearly a significant moment when all those across the sector that have adhered to TCFD for the first time can see where they stand. Disclosure helps us all raise our bar, improving our own response to climate change as well as supporting others with ambition but little resource.
“It is true the scores have gone down, but this is where the rubber hits the road and we move from warm words to action. As we move to 2020 and the litmus test of who is serious about the Agreement and targets laid down by Paris, the global economy will begin to be clearly defined by leaders and the laggards, the old economy and the new. The alignment of the ClimateWise Principles shows our members want to be part of a new zero carbon economy that delivers a just, environmentally stable world.”
