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In late November 2020, we published a high-level review of insurance regulatory developments relating to climate change, available here. In the six weeks since, regulators and industry participants on both sides of the Atlantic Ocean have been keeping up the pace and there will be more to report in early 2021.
This brief update piece will focus first on a December 16, 2020, Sustainable Finance Roundtable from the European Insurance and Occupational Pensions Authority (EIOPA), then on upcoming comments (due on January 12, 2021) on the International Association of Insurance Supervisors’ (IAIS) “application paper” about managing climate change risks. Next, the New York Department of Financial Services (DFS) held the second in a series of climate change briefings in early December and has another session scheduled for January 15, 2021. The DFS has also published some guidance for industry in the form of FAQs and right b
Lloyd’s Moves to End Insurance and Investments in Coal for Climate Sustainability
The Lloyd’s market is moving to end its insurance of coal and oil sands businesses while at the same time ceasing investments in such carbon-producing assets by Jan. 1, 2022.
As part of its plan to accelerate the transition to a more sustainable insurance and reinsurance marketplace, Lloyd’s has developed a market-wide strategy that aims to align with the United Nations’ Sustainable Development Goals and supports the principles included in the Paris Agreement on climate (which marked its fifth anniversary in December 2020).
A major part of its sustainability strategy is to ask Lloyd’s managing agents to phase out new insurance cover for thermal coal-fired power plants, thermal coal mines, oil sands or new Arctic energy exploration activities from Jan. 1, 2022. The strategy also includes ending new investments in these areas by Lloyd’s market participants and by the Corporation of Lloyd’
Report: Despite Pandemic-Driven Emission Redux, We’re Headed to 3-Degrees Warming
A new report finds that despite a brief dip in carbon dioxide emissions caused by the pandemic, the world is still heading for a temperature rise in excess of 3°C this century, a mark that is well beyond the Paris Agreement goals of limiting global warming to below 2°C.
This eleventh edition of the United Nations Environment Programme (UNEP) Emissions Gap Report assesses the gap between estimated future global greenhouse gas emissions if nations implement climate mitigation pledges and the global emission levels from least-cost pathways aligned with achieving the temperature goals of the Paris accord.