Thursday, December 2, 2021

Sustainability talks

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As we approach COP 26, Business Reporter is excited to introduce the SustainabilityTalks series in support of the UN SDGs and the Decade of Action.

Climate change is considered to be the greatest risk to the global economy. Due to the increasing frequency and severity of extreme weather, global property insurance premiums are expected to increase by a fifth by 2040.

For insurers, the risk is twofold: they are faced with increased payouts to policyholders due to more frequent floods, forest fires and droughts, while the huge investment portfolios they use to pay out claims also face the effects of climate change on all sectors of the economy.

Business Reporter is pleased to share the Insurance, Sustainability and Climate Roundtable with some UK industry experts to discuss how the insurance industry is developing resilience for its investments and for businesses and policyholders.

The panel includes:

Alix Bedford, Risk Proposition Manager, City of Zurich

Ben Wilson, Director of Advocacy, Association of British Insurers

Dermot Kehoe, Director of Communication and Transition, Flood Re

Ekhosuehi Iyahen, General Secretary, Insurance Development Forum

Rebekah Clements, Sustainability Director, Lloyd’s

Also present: Fiona Reynolds, CEO PRI, BT Pension Scheme CEO Morten Nilsson, Eoin Murray, Head of Investment Federated Hermes

Fund managers are always looking for the best returns on their investments. But what if those investments back up companies that are doing profound damage to the planet – or are likely to be adversely affected by climate change – by contributing to climate change?

As COP26 draws attention to the responsibility of businesses to achieve net zero, investments like pensions have emerged as an unexpected opportunity to have a huge impact on the carbon footprint. With a growing number of people concerned about their contribution to the climate crisis, investors can encourage companies to address their carbon emissions by focusing on environmental, social and governance issues.

This will make businesses more resilient and help protect investors’ returns and solvency for annuities and insurance claims.

So what is standing in the way of a major shift towards greener investments and a healthier planet?

Contributors: Leo Horn Phathanohai, UK Head, WRI; Corli Pretorius, Deputy Director, UNEP WCMC; James Cole, External Relations, CISL

Covid-19 wreaked havoc on the United Nations Sustainable Development Goals 2030 to end poverty, protect the planet and ensure all people enjoy peace and prosperity. The pandemic and the resulting global recession have pushed millions into extreme poverty in developing countries facing growing health, education, gender and equality problems.

This is just one example of how the sustainability challenges are so great that no government or company can tackle them alone. Partnerships are critical to identifying key challenges and solutions, creating the right regulations and infrastructures to implement those solutions, and getting capital to the right places at the right time. Why is it so difficult to form effective coalitions?

SustainabilityTalks is Business Reporter’s series of interviews with thought leaders that features conversations with some of the world’s most inspiring organizations, subject matter experts, academics and thought-provoking business leaders. It will examine their work in addressing global sustainability challenges and achieving a just transition to a low-carbon economy.

Business Reporter is an SDG Media Compact member of the United Nations and, as such, is committed to delivering content to its business communities that provides insights into the ways leaders and industries are moving the needle in our transition to a low-carbon economy.

For more informations click here, please here

Originally published on Business Reporter

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