ClimateWise Principles: Fifth Independent Review, 2012

November 2012 – Carbon Capture and Storage (CCS) is recognised by the International Energy Agency (IEA), amongst others, as a core component of a cost-effective strategy to limit global temperature rise to 2°C by 2050. The IEA has projected that investment of USD 2.5 to USD 3 trillion from 2010 to 2050 in CCS will be needed to achieve the required reductions in greenhouse gas emissions. The CCS industry globally, however, is still in an early stage of development.

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2012 marks the fifth anniversary of the ClimateWise initiative. Since its establishment members have made significant progress towards understanding and responding to the risks and opportunities posed by climate change. The group continues to play a clear leadership role for the wider insurance industry.

The fifth Annual Review, independently conducted by PwC, shows that in 2011/12 members achieved record compliance of 92% with the core ClimateWise Principles. Of particular note were advances in research and data for modelling risk, increased engagement with policymakers, and the development of new products and services.