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Implementing TCFD recommendations in insurance industry investment activities

The Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD) has issued recommendations relevant to the insurance industry’s insurance and investment activities. This webinar by UNEP’s Principles for Sustainable Insurance Initiative (PSI) will focus on investment portfolios and the key findings of two pioneering TCFD pilot projects by UNEP’s Finance Initiative (UNEP FI), spanning listed equity, corporate debt and real estate. Understanding climate-related physical and transition risks and opportunities in investments is critical, particularly since the global insurance industry, as institutional investors, collectively represents over USD 30 trillion in assets under management. Separately, the PSI is currently carrying out a ground-breaking project to pilot the TCFD recommendations in the context of insurance portfolios.
Recorded Mar 3 2020 82 mins
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    - Mark Carney, UN Special Envoy on Climate Action & Finance / UK Prime Minister’s Finance Adviser for COP26 / Chair of Glasgow Financial Alliance for Net Zero (GFANZ)
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    - Renaud Guidée, Chair, NZIA & Group Chief Risk Officer, AXA
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    - Ernst Rauch, Chief Climate & Geo Scientist, Munich Re
    - Giel Linthorst, Executive Director, PCAF
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    - Martin Weymann, Head, Sustainability, Emerging & Political Risk Management, Swiss Re
    - Gabrielle Durisch, Head of Sustainability, Commercial Insurance & Group Underwriting, Zurich Insurance Group

    AGENDA:

    https://www.unepfi.org/psi/wp-content/uploads/2021/09/NZIA-Climate-Week-event.pdf
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  • Accelerating ESG Incorporation by Banks and Investors Recorded: Sep 8 2021 60 mins
    The PRI and UNEP- FI
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    The PRI, UNEP FI, Generation Foundation and Freshfields Bruckhaus Deringer
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    - Dr. Juliane Hilf, Partner, Freshfields Bruckhaus Deringer
    - Fiona Reynolds, CEO, PRI
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    Features of the Tool include:
    • Enables Fund or Portfolio level analysis
    • Asset classes covered include fixed income, equity and real estate, among others
    • Includes new mappings, including an asset class/impact map and several asset class-specific mappings
    • Uses the Principles for Responsible Investment asset class classification & enriched GICS sector classification
    • An in-built Indicator Library

    The methodology was derived from UNEP FI’s unique holistic approach to impact and the Sustainable Development Goals, as developed by its Positive Impact Initiative (PII), as such it is aligned with the Principles for Positive Impact Finance and is based on the 22 ‘impact areas’ of the UNEP FI Impact Radar. The Tool’s in-built resources, are based on internationally recognised standards from within and beyond the UN System.

    Speakers at the launch include:

    • Paula Chungsathaporn, Director, UBS in Society, UBS
    • Jani Maenpaa, Portfolio Manager, LHV
    • Ana Wong Partida, Risk Management, Monex
    • Sacha Alibrando, Group Strategy and ESG, Pictet

    The Investment Portfolio Impact Analysis Tool is a live resource, designed to evolve over time in order to constantly improve user experience and benefits.
  • Launch: UNEP FI Real Estate Impact Analysis Tool Recorded: Jun 17 2021 82 mins
    UNEP FI
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    Features:
    • Builds on the UNEP FI Positive Impact Real Estate Investment Framework Model Framework, based on the 22 impact areas of the UNEP FI Impact Radar
    • Enables Single Asset analysis or Fund/Portfolio level analysis
    • Applicable for new developments and exiting assets
    • Is compatible with GRESB
    • Enables both country level and local level contextualisation (needs assessment)

    The methodology was derived from UNEP FI’s unique holistic approach to impact and the SDGs, as developed by its Positive Impact Initiative (PII), as such it is aligned with the Principles for Positive Impact Finance and is based on the 22 ‘impact areas’ of the UNEP FI Impact Radar. The Tool’s in-built resources, are based on internationally recognised standards from within and beyond the UN System.

    Speakers at the launch include:
    • Geraldine Burnett, Corporate Social Responsibility Manager, Gatehouse Bank
    • Ryuichi Horie, Co-founder and CEO, CSR Design Green Investment Advisory
    • Ivan Rodriguez, Sustainability Director, Property Portfolio, Bridges Fund Management
    • Careen Abb, Programme Lead, Positive Impact, UNEP FI
    • Costanza Ghera, Consultant, Positive Impact, UNEP FI

    The Real Estate Impact Analysis Tool is a live resource, designed to evolve over time in order to constantly improve user experience and benefits.
  • Insurance Supervisors and Climate Action Recorded: Jun 15 2021 92 mins
    Co-hosted by the UN-convened SIF, UN PSI and the IAIS
    Climate change, as well as the global response to the threats of climate change, is having wide-ranging impacts on the structure and functioning of the global economy and financial system. The challenges related to climate change present both risks and opportunities for the insurance sector. To support supervisors in their efforts to integrate climate-related risks into supervisory frameworks, the International Association of Insurance Supervisors (IAIS) and the UN-convened Sustainable Insurance Forum (UN SIF) have jointly developed an Application Paper on the Supervision of Climate-related Risks in the Insurance Sector.

    The Application Paper provides background and guidance on how the IAIS supervisory material can be used to manage the challenges and opportunities arising from climate-related risks. Application Papers do not establish standards or expectations, but instead provide additional guidance to assist implementation and provide examples of good practice. This Paper thereby also aims to promote a globally consistent approach to addressing climate-related risks in the supervision of the insurance sector.

    The following topics and Insurance Core Principles (ICPs) are in scope:

    • Supervisory Review and Reporting (ICP 9)
    • Corporate Governance (ICP 7)
    • Risk Management (ICP 8 and 16)
    • Investments (ICP 15); and
    • Disclosures (ICP 20)
  • Insurance Supervisors and Climate Action Recorded: Jun 14 2021 92 mins
    Co-hosted by the UN-convened SIF, UN PSI and the IAIS
    Climate change, as well as the global response to the threats of climate change, is having wide-ranging impacts on the structure and functioning of the global economy and financial system. The challenges related to climate change present both risks and opportunities for the insurance sector. To support supervisors in their efforts to integrate climate-related risks into supervisory frameworks, the International Association of Insurance Supervisors (IAIS) and the UN-convened Sustainable Insurance Forum (UN SIF) have jointly developed an Application Paper on the Supervision of Climate-related Risks in the Insurance Sector.

    The Application Paper provides background and guidance on how the IAIS supervisory material can be used to manage the challenges and opportunities arising from climate-related risks. Application Papers do not establish standards or expectations, but instead provide additional guidance to assist implementation and provide examples of good practice. This Paper thereby also aims to promote a globally consistent approach to addressing climate-related risks in the supervision of the insurance sector.

    The following topics and Insurance Core Principles (ICPs) are in scope:

    • Supervisory Review and Reporting (ICP 9)
    • Corporate Governance (ICP 7)
    • Risk Management (ICP 8 and 16)
    • Investments (ICP 15); and
    • Disclosures (ICP 20).
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    UNEP FI, UNEP-WCMC & Global Canopy, with special guests: Credit Suisse and Citi
    Expert Speakers: Jessica Smith (UNEP FI), Sebastian Bekker (UNEP-WCMC), Niki Mardas (Global Canopy), Raul Manjarin (Credit Suisse), Frazer Lanier (Citi).

    Alongside tackling climate-related risks, financial institutions are increasingly looking to address the critical issue of biodiversity and nature loss. Momentum is building in the run up to the 2021 United Nations biodiversity conference, CBD COP 15, where countries are expected to set new targets for conserving plants and animals across land and oceans.

    Join us as we launch a ground-breaking new biodiversity module – part of the online ENCORE tool – which will enable financial institutions to identify and manage biodiversity-related risks and opportunities.

    At the cutting-edge of sustainable finance, over 30 financial institutions have been involved in the development of the module, which focuses on the agriculture and mining sectors and allows banks and investors to answer the following questions:
    - Are my financial assets at risk from biodiversity loss?
    - Am I dependent on biodiversity through my investment or lending portfolio?
    - Am I harming or building the resilience of biodiversity with my investments?

    Using this key information, and in combination with other tools, financial institutions can be in a position to start setting biodiversity targets across their activities. Join our experts to learn how the tool can work for you and hear from some of the banks and investors who have been beta-testing the tool on why this could be a turning point for the industry.

    ENCORE stands for ‘Exploring Natural Capital Opportunities, Risks and Exposure’; developed by the UN Environment Programme World Conservation Monitoring Centre (UNEP-WCMC), the UN Environment Programme Finance Initiative (UNEP FI) and Global Canopy. Collectively these organisations represent the Natural Capital Finance Alliance (NCFA). ENCORE is generously funded by the Swiss Federal Office for the Environment.
  • Aligning Financial Portfolios with Biodiversity Goals Recorded: May 26 2021 59 mins
    UNEP FI, UNEP-WCMC & Global Canopy with special guests FirstRand Group and Piraeus Financial Holdings
    Expert Speakers: Jessica Smith (UNEP FI), Sebastian Bekker (UNEP-WCMC), Niki Mardas (Global Canopy), Madeleine Ronquest (FirstRand Group) & Dimitrios Dimopoulos (Piraeus Financial Holdings)

    Alongside tackling climate-related risks, financial institutions are increasingly looking to address the critical issue of biodiversity and nature loss. Momentum is building in the run up to the 2021 United Nations biodiversity conference, CBD COP 15, where countries are expected to set new targets for conserving plants and animals across land and oceans.

    Join us as we launch a ground-breaking new biodiversity module – part of the online ENCORE tool – which will enable financial institutions to identify and manage biodiversity-related risks and opportunities.

    At the cutting-edge of sustainable finance, over 30 financial institutions have been involved in the development of the module, which focuses on the agriculture and mining sectors and allows banks and investors to answer the following questions:
    - Are my financial assets at risk from biodiversity loss?
    - Am I dependent on biodiversity through my investment or lending portfolio?
    - Am I harming or building the resilience of biodiversity with my investments?

    Using this key information, and in combination with other tools, financial institutions can be in a position to start setting biodiversity targets across their activities. Join our experts to learn how the tool can work for you and hear from some of the banks and investors who have been beta-testing the tool on why this could be a turning point for the industry.

    ENCORE stands for ‘Exploring Natural Capital Opportunities, Risks and Exposure’; developed by the UN Environment Programme World Conservation Monitoring Centre (UNEP-WCMC), the UN Environment Programme Finance Initiative (UNEP FI) and Global Canopy. Collectively these organisations represent the Natural Capital Finance Alliance (NCFA). ENCORE is generously funded by the Swiss Federal Office for the Environment.
  • Launch: UNEP FI’s Portfolio Impact Analysis Tool for Banks - Version 2 Recorded: Apr 29 2021 92 mins
    UNEP FI
    One year after the launch of its first Portfolio Impact Analysis Tool for Banks, UNEP FI is pleased to launch Version 2 (V2) of the Portfolio Impact Analysis Tool for Banks. Designed to support banks in their implementation of their impact analysis requirements under the Principles for Responsible Banking (PRB), the Tool has received its first upgrade after a year of piloting by PRB Signatories.

    New features include a dedicated section to support and document users’ preliminary scoping work, increased capacity, a revised assessment section, including a new, in-built indicator library as well as a dashboard visualisation of the final outcomes of the analysis.

    V2 also includes numerous enhancements to user experience and will come with an updated User Guide. The new User Guide includes tips on how to apply UNEP FI’s unique holistic impact methodology with or without ‘off-the-shelf’ usage of the Tool.

    Join us for a walk-through of V2, and insights from users, as well as to find out what’s next in this vibrant part of UNEP FI’s work.
UNEP FI
United Nations Environment Programme Finance Initiative (UNEP FI) is a partnership between United Nations Environment and the global financial sector created in the wake of the 1992 Earth Summit with a mission to promote sustainable finance. More than 240 financial institutions, including banks, insurers, and investors, work with UN Environment to understand today’s environmental, social and governance challenges, why they matter to finance, and how to actively participate in addressing them.

UNEP FI’s work also includes a strong focus on policy – by facilitating country-level dialogues between finance practitioners, supervisors, regulators and policy-makers, and, at the international level, by promoting financial sector involvement in processes such as the global climate negotiations.

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