20 January 2022 – The ClimateWise Principles Independent Review for 2021 sees scores continue to increase across the membership.
Download the ClimateWise Principles Independent Review
Findings
The ClimateWise Principles Independent Review 2021 is the third year of reporting in full alignment with the Recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD) and suggests members are well prepared for the rollout of mandatory TCFD disclosure requirements.
The Review records an increase in average score - from 65 per cent in 2020 to 68 per cent in 2021 - for the ClimateWise group of organisations and highlights increased value chain collaboration to enhance understanding of climate risks and opportunities and enable net-zero objectives within and beyond the industry.
The Independent Review also provides recommendations for strengthening the membership’s disclosure of the risks and opportunities associated with global change, including the need to increase reporting of the metrics used to measure and manage climate-related issues, and the need to further build on value chain collaboration and contextualise individual strategic responses within the industry as a whole.
About
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.
Aligned with the Taskforce on Climate-related Financial Disclosures (TCFD) recommendations in 2019, this review marks the third year of TCFD compliant reporting. The results indicate ClimateWise members will be well prepared for forthcoming mandatory TCFD reporting.
Citing this review
Please refer to this review as University of Cambridge Institute for Sustainability Leadership and Deloitte (CISL). (2022). The ClimateWise Principles Independent Review 2021. Cambridge, UK: Cambridge Institute for Sustainability Leadership.
