The United Nations and the World Wide Fund For Nature (WWF) are urging global insurers and reinsurers to build on their commitments to help protect UNESCO World Heritage Sites.
The organisations have called on the industry to reduce insurance and investments for companies or projects whose activities could damage sites of immense cultural or ecological importance, particularly in relation to sectors such as oil and gas, mining, and large-scale hydropower.
The appeal follows the launch of the first industry statement of commitment to protect World Heritage Sites last year, which was broadly supported by major insurance and reinsurance companies.
To build support for the cause, UN Environment’s Principles for Sustainable Insurance Initiative (PSI) has produced a guide in collaboration with its member insurers, WWF, and the UN Educational, Scientific and Cultural Organization (UNESCO) World Heritage Centre, and was supported by ECOFACT, a sustainability service provider.
“Protecting World Heritage Sites for present and future generations is not an option, but an obligation for all. Losing these treasures means losing sources of life, inspiration and human well-being, and losing the war against unsustainable development,” said Butch Bacani, who leads the PSI at UN Environment.
“This guide will help insurers protect our world’s most prized assets in their risk management, insurance and investment activities, while curbing carbon emissions, building disaster resilience, and ensuring healthy ecosystems,” he explained. We call on insurers around the world to unite behind the science, show decisive leadership, and take ambitious action in insuring a sustainable future.”
World Heritage Sites are recognised for their unparalleled beauty, global significance and/or biological diversity and the important economic, social and environmental benefits they provide.
Natural World Heritage Sites, in particular, provide vital resources such as food and water, and contribute significantly to economies through jobs, tourism and recreation.
They also deliver critical environmental services such as stabilising soils, preventing floods and capturing carbon, all of which increase resilience to the harmful impacts of a warming climate.
However, almost half of all natural World Heritage Sites are threatened by industrial activities and large infrastructure developments, which may cause irreversible damage.
“Natural World Heritage Sites include some of the world’s most amazing landscapes. A source of wonder and inspiration, they also provide critical habitats and vital services such as freshwater,” said Margaret Kuhlow, WWF Finance Practice Leader.
“This practical guide will enable the insurance sector to make long-term investment decisions that reflect the value of natural World Heritage Sites and support the 11 million people who depend on them for their well-being. We look forward to continuing our work with UNESCO and PSI to support the industry in implementing this guidance.”
Ernesto Ottone R., UNESCO Assistant Director-General for Culture also commented: “By proposing sites as World Heritage sites, countries recognise their importance for humankind and commit to protect them. But conserving World Heritage sites is the duty of every one of us.
“Too many World Heritage sites are threatened by unsustainable development or large-scale infrastructure,” he continued. “We believe the banking and insurance sectors can significantly contribute to protecting these outstanding places by ensuring that their portfolios avoid projects which could impact them. This publication is a very practical and hands-on toolkit on how to achieve this.”
Signatories to the insurance industry statement of commitment to protect World Heritage Sites include: AGROASEMEX (Mexico), Allianz (Germany), Caixa Seguradora (Brazil), Interamerican (Greece), La Banque Postale (France), Liberty Seguros (Brazil), Mongeral Aegon (Brazil), Nat Re (Philippines), Peak Re (Hong Kong SAR, China), Porto Seguro (Brazil), RepRisk (Switzerland), Risk Management Solutions (USA), SCOR (France), Seguradora Líder DPVAT (Brazil), Sompo Japan Nipponkoa (Japan), Swiss Re (Switzerland), Tokio Marine Seguradora (Brazil), the Brazilian Insurance Confederation (CNseg), Certified Sustainable Insurance Partners (USA), Earth Security Group (UK), ICLEI – Local Governments for Sustainability, the Insurance Council of New Zealand, the Microinsurance Network, and the Philippines Insurers & Reinsurers Association.
