Forum for Insurance Transition to Net Zero
The United Nations Environment Program (UNEP) launches the Forum for Insurance Transition to Net Zero (FIT) to support the insurance industry in accelerating and expanding voluntary climate actions and supporting net-zero transition.
The newly established Forum for Insurance Transition to Net Zero will be based on the previously established Net-Zero Insurance Alliance (NZIA). UNEP announced that it would close NZIA and focus on the operations of FIT.
Related Post: Monetary Authority of Singapore Releases Guidance on Net Zero Transition for Insurers
Introduction to Forum for Insurance Transition to Net Zero
The Forum for Insurance Transition to Net Zero is a new multi-stakeholder forum designed to support the insurance industry in accelerating and scaling up voluntary climate action. Supported by the United Nations Environment Program, the Forum for Insurance Transition to Net Zero will work with insurance market participants (e.g. insurers, reinsurers, brokers) and with insurance regulators, net zero standard setters, academia and others stakeholders to move net-zero insurance from theory to practice for the first time.
Initial priorities for the Forum for Insurance Transition to Net Zero include:
- Advance net zero insurance indicators and voluntary target frameworks and develop new net zero insurance concepts.
- Develop a framework for net zero transition plans for insurance market participants.
- Work with the real economy to develop net zero transition plans for businesses across different sectors.
- Develop insurance solutions and taxonomies to support the net zero transition and address opportunities and challenges.
Founders of the Forum for Insurance Transition to Net Zero include 19 insurers and reinsurers from around the world. FIT also has two independent advisory groups, namely the FIT Consultative Group of Insurance Regulators & Supervisors and the FIT Consultative Group on Science, Research & Civil Society. FIT’s legal team consists of experts from leading global law firms in the fields of antitrust and competition law, sustainable development, insurance and finance.
Through the Forum for Insurance Transition to Net Zero, UNEP plans to deepen and strengthen its commitment to work with the global insurance industry and key stakeholders to support the acceleration and scale-up of the transition to a net zero economy. UNEP expects that more insurance industry members from around the world will join FIT in the coming months as it becomes fully operational.
Reference:
New UN Multistakeholder Forum to Drive Progress on the Insurance Transition to Net Zero
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