Insurance Target-Setting Protocol Open for Feedback

The UN-convened Net Zero Insurance Alliance (NZIA) has launched a public consultation on its first target-setting protocol.

The protocol outlines the alliance’s recommended approach to members on target-setting and reporting, as well as how the protocol is expected to evolve in the future.

Version 1.0 will enable NZIA members to begin to independently set science-based, interim decarbonisation targets for their insurance and reinsurance underwriting portfolios in line with a net zero transition pathway that would limit global warming this century to 1.5°C.

It also builds on the upcoming launch of the first global accounting standard to measure greenhouse gas emissions associated with insurance portfolios, developed by the Partnership for Carbon Accounting Financials (PCAF) in collaboration with the NZIA.

The NZIA will continue to collaborate with the Science Based Targets Initiative (SBTi) on the development of the NZIA Target-Setting Protocol in line with SBTi’s upcoming Financial Institution Net-Zero Standard (FINZ).

The final V1.0 of the protocol will be launched in January 2023, with members due to set and disclose initial targets by July 2023.

Read more articles like this on Regulation Asia’s sister publication, ESG Investor.

 

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