The insurance industry has long been a front runner in terms of understanding climate risk, but how can it play a more proactive role in contributing to global mitigation and adaptation goals?
Against the backdrop of civil society protests against the underwriting of fossil fuel projects; increasing understanding of the economic implications associated with transition risk; and the announcement of initiatives like the Glasgow Financial Alliance for Net Zero (GFANZ) and the Global Shield Against Climate Risk, this session explores the case for a more proactive role for insurers in supporting climate action.
The discussion will cover a range of questions, including:
• How is climate change affecting the insurance industry and how has the industry responded to emerging risks so far?
• How can the industry support action on adaptation and Loss and Damage, and how is it engaging with ongoing climate dialogues in these areas?
• What more can the industry do to support action on mitigation, and how can it support the rapid reduction in fossil fuel production and consumption that is required to limit warming to 1.5°C?
• What can central banks as well as other financial regulators and supervisors do to support an active role for the insurance industry in combatting climate change?