The Association of British Insurers (ABI) has said that the general insurance and long-term savings industry is making significant progress in setting transparent Net Zero targets and joining the UN’s ‘Race To Zero’ campaign.
The industry body said, through its Climate Change Roadmap, that among the market share represented by ABI members, almost 90% of the long-term savings market and over 50% of the general insurance market are now part of the campaign. The ABI said that more firms are expected to follow: a survey of its members showed that 94% of respondents not already signed up are considering joining the Race to Zero global campaign.
Hannah Gurga, director general of the ABI, said: “There is no greater risk to society, our planet, and to our sector itself than climate change. The role the insurance and long-term savings industry has to play has never been greater or more important.”
She added: “We have made significant progress on the transition to Net Zero and it’s good to see so many of our firms sign up to the UN’s ‘Race to Zero’ campaign. However, we need to continue to focus our efforts on this greatest challenge and collaborative working across the industry, and with Government and regulators, will be key.”
As part of its Climate Change Summit, the ABI has made five requests of the UK government.
These are to:
- Strengthen the industry’s role as key investors in Net Zero infrastructure
- Publish a strategy for delivering the required investment in reducing carbon emissions in homes and commercial buildings
- Improve the planning system to ensure Net Zero alignment, including by reducing development in high flood risk areas and ensuring new homes are resilient to climate risk
- Ensure all sectors produce consistent and quality data on carbon emissions
- Put the protection of the natural environment and our ecosystems into climate change policies
The ABI has also published a Best Practice Guide to Green Supply Chains. This sets out proactive steps that the ABI will be working with its members on to:
- Take account of emissions reduction strategies and targets of suppliers
- Make sustainability a factor in decision making on suppliers on
- Track emissions and driving further change.
Andy Briggs, chair of ABI Board Climate Change Committee, and group CEO, Phoenix Group, said: “The long-term savings and insurance sector is committed to playing a central part in the race to net zero – but we need to take the handbrake off. There is no time to spare in making the changes needed which can unlock the once-in-a-lifetime opportunity to drive investment which can cut emissions and deliver growth across the country.”
He added: “Meaningful reform to investment frameworks and the regulatory regime, including Solvency II, is essential if our sector is to turbocharge investment in the green infrastructure that we urgently need. If we can get those structures in place – supported by better planning systems, transparent data, and clearer climate change policies – we can put our foot even harder on the throttle.”
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