The report, which was launched last week during the UN Climate Change Conference (COP29), was developed by the Forum for Insurance Transition to Net Zero (FIT). This forum is led by the United Nations Environmental Program (UNEP). Dutch insurers are also participating in the forum, including a.s.r., Achmea and Nationale-Nederlanden. These insurers have contributed to the creation of the report.
Accelerate transition
The FIT, which saw the light of day in April, is a multistakeholder forum led by the UN. The forum involves insurers, regulators, scientists and other global stakeholders. The Forum aims to promote insurance strategies and practices that accelerate and scale up a just transition to a resilient net-zero economy.
Driving role
Esther Egeter, sustainability manager at a.s.r., co-wrote the report. According to her, it is precisely because of their threefold role as risk manager, risk bearer and investor, that insurers are able to play a driving role in the transition to a resilient net-zero economy. "Our impression is that many insurers are struggling with the question of how best to draw up a transition plan. To help them, the FIT transition plan working group has developed a report that indicates the specific characteristics of insurance portfolios that should be taken into account when insurers make transition plans," says Egeter.
Guide
For Dutch non-life insurers, there is already a relevant publication that can serve as preparation for making transition plans. Egeter: "Last March, the Association published a guide with tools for calculating insurance-related emissions and setting emission reduction targets. The report that UNEP has now presented during the climate summit in Baku discusses how you, as an insurer, can then get started with making a credible transition plan to reduce your insurance-related emissions in line with your objectives."
Global Roadmaps
The report is the first of a total of three reports with unique global roadmaps that help insurers translate their climate ambitions into concrete climate actions, in line with the legal requirements of the Corporate Sustainability Reporting Guidelines (CSRD) and the Corporate Sustainability Due Diligence Guidelines (CSDDD).
Based on this report, FIT is now working on a second, more substantive report with clear guidelines for insurers' portfolios. The third and final report focuses on the embedding of the transition plan within the organisation.