Insurers announce three new initiatives in support of the fight against climate change
A few days before the “One Planet Summit”, French insurers and reinsurers underline their commitment to climate protection. The industry announces three initiatives to support the fight against climate change.
The FFA acknowledges its members’ desire to no longer invest in companies that do not renounce their plans to develop new coal-fired power stations.
Furthermore, the Federation calls on its members to establish investment strategies based on an assessment of the exposure of their portfolios to coal and the setting of investment thresholds according to criteria of turnover and the level of coal in the energy mix.
The FFA’s members undertake to propose a green or responsible life insurance offering
Insurers undertake that, between now and the end of 2018, they will include a unit-linked product with an ESG and/or Climate label, including the Energy and Environment Transition for Climate label and the Socially Responsible Investment label, in their offerings for any new life insurance contract taken out.
In partnership with the French employers’ federation MEDEF, the FFA is launching a joint initiative between issuers and investors on the transparency of climate data.
The aim of this initiative is to establish a core set of information shared between issuers and investors, based on the recommendations of the Task-Force on Climate-related Financial Disclosures (TCFD). This work, to be carried out in two priority sectors – energy and transport – will begin in 2018 and may be extended to include other sectors that issue high levels of greenhouse gases.
According to Bernard Spitz, President of the FFA: “Insurers are taking concrete actions to protect the climate. Their initiatives demonstrate their individual commitment and collective desire to make progress in line with the Paris Agreement.”