4 June 2024 - Global insurance industry leadership group, ClimateWise, which is part of the Cambridge Institute for Sustainability Leadership (CISL) has updated its reporting framework Principles to help insurers prepare for an evolving disclosure environment.
ClimateWise plays a key leadership role in helping to promote excellence in reporting, undertaking impact-orientated, collaborative research into how the insurance industry can support the transition to net-zero. The ClimateWise Principles guide members’ contribution to addressing climate change and are used to help members to annually benchmark their activities.
In 2018 the ClimateWise Principles were aligned with the Task Force for Climate-related Financial Disclosures (TCFD), to help members with climate-related disclosure.
The updated Principles which are to be launched in early June 2024 will help members prepare for the evolving disclosure environment to meet not only TCFD requirements but also the Task Force on Nature-related Financial Disclosures (TNFD), Corporate Sustainability Reporting Directive (CSRD), International Sustainability Standards Board (ISSB), Transition Plan Taskforce (TPT) and US Securities and Exchange Commission (SEC) disclosure requirements.
Alongside the aim of preparing members for current and emerging regulatory requirements, ClimateWise continues to raise ambition by supporting its members in developing reporting that goes beyond compliance to enable them to embrace opportunities beyond regulation.
Sid Miller, Programme Director at ClimateWise at CISL, said:
“To address the challenges of the changing climate and nature regulatory environments, ClimateWise Members have developed a new set of Principles that supports the ongoing adaptation of their organisations and the tracking of progress across the Insurance sector. The new Principles represent a strong commitment by ClimateWise Members to transitioning to a sustainable economy.”
Alex Hindson, Partner and Head of Sustainability at Crowe UK, said:
“The new ClimateWise Principles have been updated to reflect maturing landscapes for the insurance sector with respect to climate and nature-risk management. We are delighted at Crowe to act as ClimateWise’s strategic Partner in this exercise and look forward to supporting the members through this transition period, as they mature their approaches to meet this enhanced guidance.”
ClimateWise is for all organisations who are either leaders or aspire to play a leadership role in supporting the insurance industry to respond to the risks and opportunities of climate change.
Rachel Delhaise, Head of Sustainability at Convex Group, said:
“As we in the insurance sector look increasingly to find efficiency and structure to our climate related principles and disclosures, ClimateWise, with its unique lens of a forward looking, insurance specific perspective, offers real value. In addition, the insights gained through the strong support of the University of Cambridge Institute for Sustainability Leadership are a terrific asset in our understanding of climate and nature related considerations.”
The ClimateWise Principles have provided a framework for the insurance industry to disclose climate-related risk and opportunity since 2007. 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.