[author: Charity Heller]
Ten years ago, issues of corporate social responsibility (CSR) – such as measuring carbon footprints, socially responsive company policies, or ethical supply chains – might have been championed by activist employees or customers, but they were not a business objective for most organizations.
What a difference a decade has made! Social change, advances in technology, and the ability to prove ROI have elevated issues of environmental, social, and governance (“ESG”). These are now hot topics in the boardroom and increasingly a requirement for investors, employees, and customers.
Ten years ago, ESG was a grassroots initiative. Today, it is top-down.
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Tuesday, February 16, 2021
At the beginning of the year, we published a short report on the surge in year-end insurance regulatory activity concerning climate change risks (available here). January was another busy month, and we report below on noteworthy developments in Bermuda, Canada and the United States.
IN DEPTH
As readers will know, outside of the United Kingdom and European Union, most insurance regulators are only now beginning to grapple with how to incorporate climate change risk into their regulatory frameworks. And in the European Union and the United Kingdom, debate continues about the scope and depth of climate change risk regulation. Anecdotally, it appears that many re/insurers in Europe are well advanced in formulating their sustainability policies and in moving toward decarbonizing their investment portfolios (particularly with respect to thermal coal investments), reducing/eliminating their own greenhouse gas emissions and managing climate change ris