ClimateWise, a global insurance industry collaboration part of the Cambridge Institute for Sustainability Leadership (CISL), has updated its reporting framework Principles to “help insurers prepare for an evolving disclosure environment”.
ClimateWise’s Principles reportedly guide its members’ contributions to addressing climate change while annually benchmarking their activities.
According to the group, the updated Principles, which are to be launched in early June 2024, will help members meet not only TCFD requirements but also the Task Force on Nature-related Financial Disclosures (TNFD), Corporate Sustainability Reporting Directive (CSRD), International Sustainability Standards Board (ISSB), Transition Plan Taskforce (TPT) and US Securities and Exchange Commission (SEC) disclosure requirements.
“Alongside the aim of preparing members for current and emerging regulatory requirements, ClimateWise continues to raise ambition by supporting its members in developing reporting that goes beyond compliance to enable them to embrace opportunities beyond regulation,” the group added.
Sid Miller, Programme Director at ClimateWise at CISL, commented, “To address the challenges of the changing climate and nature regulatory environments, ClimateWise Members have developed a new set of Principles that supports the ongoing adaptation of their organisations and the tracking of progress across the Insurance sector.
“The new Principles represent a strong commitment by ClimateWise Members to transitioning to a sustainable economy.”
Alex Hindson, Partner and Head of Sustainability at Crowe UK, said, “The new ClimateWise Principles have been updated to reflect maturing landscapes for the insurance sector with respect to climate and nature-risk management.
“We are delighted at Crowe to act as ClimateWise’s strategic Partner in this exercise and look forward to supporting the members through this transition period, as they mature their approaches to meet this enhanced guidance.”
Rachel Delhaise, Head of Sustainability at Convex Group, noted, “As we in the insurance sector look increasingly to find efficiency and structure to our climate-related principles and disclosures, ClimateWise, with its unique lens of a forward-looking, insurance-specific perspective, offers real value.
“In addition, the insights gained through the strong support of the University of Cambridge Institute for Sustainability Leadership are a terrific asset in our understanding of climate and nature-related considerations.”
