17 October 2023 - ClimateWise has appointed accountancy firm, Crowe, to undertake a review of its climate disclosure framework.
The ClimateWise Principles express expectations of best practice in the insurance industry including incorporating climate considerations into strategy, informing clients and supporting better public policy on climate change.
ClimateWise members have to report against these Principles annually, allowing them to benchmark progress against their peers. Following the completion of the 2023 reporting cycle, Crowe will take over from Deloitte as independent reviewer, leading the annual member reporting process against the newly revised Principles and supporting members via advisory services.
Alex Hindson, Partner and Head of Sustainability at Crowe said: “We are delighted to be appointed as ClimateWise’s Principles Strategic Partner. The appointment demonstrates our expertise in grasping the significant challenges facing insurers and asset managers in implementing sustainability and climate risk good practice as the industry confronts the climate emergency.
“As a long-standing supporter, I am personally delighted to be leading this engagement and look forward to working alongside their members as we refresh the Principles for the next phase of ClimateWise’s journey.”
Sid Miller, Programme Director, ClimateWise said: “Supporting ClimateWise Members and the insurance industry to evolve their sustainability practices in an expanding regulatory environment is a key component of the role of ClimateWise. The appointment of Crowe represents an exciting development as we broaden the scope of the ClimateWise Principles and the services we provide to ClimateWise Members. We look forward to partnering with the Crowe team.”
Convened by the University of Cambridge Institute for Sustainability Leadership (CISL), ClimateWise represents a growing network of 40 global insurance organisations, including (re)insurers, brokers, loss adjusters, and industry bodies, helping them align their combined expertise in responding to the risks and opportunities of climate change.
ClimateWise also carries out research and its members are required annually to disclose their firm’s response to climate change through the TCFD aligned Principles framework.
The ClimateWise Principles guide members’ contribution to the transition to a low carbon, climate-resilient economy and integrate a response to the climate risk protection gap across their business activities. An annual, public review authored by the Principles independent reviewer, highlights the overall progress being made by the ClimateWise membership.