Insuring the climate transition: The final report of UN PSI’s TCFD pilot project

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UNEP's Principles for Sustainable Insurance (PSI)

About this talk

Over the past year, 22 leading insurers have collaborated under UNEP’s Principles for Sustainable Insurance Initiative (PSI) to pilot state-of-the-art approaches—particularly the use of climate change scenarios—to better assess climate-related physical, transition and litigation risks in the insurance business. The overall aim of this PSI project is to contribute to the development of consistent and transparent analytical approaches that can be used to identify, assess and disclose climate-related risks and opportunities in insurance portfolios in a forward-looking, scenario-based manner. Endorsed by Mark Carney, UN Special Envoy on Climate Action & Finance and the UK Prime Minister’s Finance Adviser for COP26, the final report captures the key findings of the largest collaborative effort by insurers—representing over 10% of world premium and USD 6 trillion in assets—to pilot some of the most challenging recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD).

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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.