Just like the rest of financial services, the insurance industry has a critical role to play in enabling the net zero transition. Together with ClimateWise (convened by the University of Cambridge Institute for Sustainability Leadership), we have published “The ClimateWise Principles Independent Review 2023”. The ClimateWise Principles have provided a framework for the insurance industry to disclose climate-related risk and opportunity since 2007.
In the 2023 findings, we have witnessed a transformational shift in sustainability reporting across the insurance industry in recent years. There is no denying the scale of the effort that has been required to move the dial from a landscape of significant disparity to today’s more aligned, ambitious reporting landscape. There is much more to do in the journey towards a net zero economy, but the robust foundations needed for insurance industry-wide sustainability action and reporting are now truly in place.
This report explores key trends in this year’s ClimateWise reporting cycle, the foundations that have been established for forward-looking sustainability action, priority topics for the coming year, and considerations ahead of the ClimateWise Principles update.