La Net-Zero Insurance Alliance (NZI), loudly requested by the United Nations, yesterday launched its first protocol during the annual World Economic Forum underway in Davos in Switzerland.
Intesa Sanpaolo Life, the Intesa insurance group, is among the protocol signatories which fixed the goals to accelerate the transition to azero emission economy.
Intesa: process of "just transition" towards a net-zero economy
“Today's (Ed. yesterday) represents a important step towards building a solid framework for measuring the emissions associated with the insurance business and setting reduction targets. We are proud to offer the our contribution as insurers in the construction of a concrete and tangible path towards a net-zero economy which also promotes a "just transition" process" he has declared Nicholas Maria Fioravanti, CEO and General Manager of Intesa Sanpaolo Vita and Head of the Insurance Division of Understanding St. Paul.
Il Intesa Sanpaolo Vita Insurance Group he joined it last year to the Net Zero Insurance Alliance (NZI). The goal of the members, the world's leading insurers and reinsurers, is to commit to bringing i own zero-emission investment and underwriting portfolios net of greenhouse gases by 2050, in line with a maximum increase in the temperature of 1,5 ° C compared to pre-industrial levels by 2100.
What the first version of the protocol is about
La version 1.0 of the protocol will allow NZIA members to start independently setting the intermediate objectives based on scientific data for the respective insurance and reinsurance underwriting portfolios in line with a net-zero transition path that respects the envisaged parameters.
The protocol is based on the launch of the first global accounting standard to measure the greenhouse gas emissions associated with insurance underwriting portfolios (“insurance associated emissions”) developed by Partnership for Carbon Accounting Financials (PCAF) in collaboration with the NZIA.
In the protocol they are fixed five types of goals inside three categories (two types within the emission reduction category, two types within the commitment category and one for the reinsurance/transition category). NZIA members will have to fix at least a of the five target types by July 31, 2023 and at least one type of targets in each of the three target categories by July 31 2024. Those who will adhere to the protocol after January 2023 will six months to set their first goal and one year to set a goal type in each of the three goal categories.
This milestone comes 18 months after the launch of the Alliance at the 20 G2021 Climate Summit in Venice by eight of the world's leading insurers and reinsurers. Since then, membership has grown to 29 insurers and reinsurers representing around 15% of world premium volume globally.
La Net-Zero Insurance Alliance will continue to collaborate with the Science Based Targets Initiative (SBTi) to develop its approach to setting targets for insurance and reinsurance underwriting portfolios in line with the upcoming Financial Institution Net-Zero Standard by SBTi.
