Transitioning insurers' portfolios
COP27 saw an agreement to ‘transform’ the global financial system, with plans for the spending of multilateral development banks and international financial institutions to be aligned with climate goals. The conference saw some key milestones for climate action. Pledges and agreements covered everything from supporting the transition to Net Zero, through just energy transitions, onto the issue of climate adaptation.
As part of our business’s strategy to help clients manage climate risks and opportunities, we became a signatory to The Net Zero Asset Managers initiative (NZAMI) in November 2022, in support of the goal to reach net zero greenhouse gas emissions by 2050 or sooner. Our commitment includes helping our clients who have net zero goals to meet their objectives, setting interim targets within 12 months for assets determined to be in scope for net zero engagement and creating investment products aligned with net zero emissions by 2050.
Despite the disruptions and demands of the market in 2022, insurers still need to consider adapting and innovating their investment approaches. This important report is designed to help insurers think through these complex times with fresh data and industry insights. The focus of our research has been on interviews and roundtables, which provided us with considerable insight into insurers’ views on climate risk and carbon transition. The answers we received revealed a great desire and motivation across the industry to act on climate change. Together, we can – and must – make a difference.
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