29 November 2017: APRA Executive Board Member Geoff Summerhayes made a speech to the Centre for Policy Development in Sydney, describing how the transition to a low-carbon economy is now in motion – posing strategic challenges for Australian financial institutions. The speech, entitled “The Weight of Money: A Business Case for Climate Resilience“, sets out examples of how climate-related financial risks are manifesting in Australia, explains APRA’s responses and describes how the SIF is enabling international cooperation. Media coverage of the speech is available here, hereand here.
21 September 2017: Superintendencia de Seguros de la Nación (SSN), the Argentinan Insurance Regulator, has taken an unprecedented step of simultaneously joining the Sustainable Insurance Forum and Joining the UN Principles for Sustainable Insurance as a Supporting Institution.
Superintendent Juan Pazo said: “As insurance supervisors, our goal is to promote a responsible, sustainable and resilient market. We are focused on developing financial tools and new products, in order to increase the availability of insurance to underserved population. Aligned with the UN Sustainable Development Goals for 2030, our priority is to secure sustainable development, focusing on three topics: access to insurance, climate change and economic sustainability. In this direction, committing to the PSI Initiative, will not only strengthen the insurance sector, but also, allow us to face the upcoming challenges.”
25 July 2017: The SIF released a joint statement on behalf of supervisors and regulators in 16 jurisdictions welcoming the recommendations and guidance of the Financial Stability Board (FSB) Task Force on Climate-related Financial Disclosures (TCFD).
16 June 2017: In its Q2 2017 Quarterly Bulletin, the Bank of England sets its strategic response to climate change, including participating in the Sustainable Insurance Forum.
12 February 2017: SIF submits response to FSB Consultation. In February 2017, the SIF delivered a coordinated response to the FSB Task Force on Climate-related Financial Disclosures Recommendations report consultation. The response focused on three dimensions: i) Understanding role of insurance supervisors as users of disclosure; ii) Amendments to the recommendations; and iii) The role of supervisors in promoting adoption. Looking ahead, the SIF will work to identify practical ways that insurance supervisors and regulators can support the uptake of the TCFD’s final recommendations. A letter summarizing the response can be found here.
18 January 2017: California Department of Insurance releases results of fossil fuel data call. California Insurance Commissioner Dave Jones announced the results from his Climate Risk Carbon Initiative, which required insurance companies to disclose investments in fossil fuels and requested firms to divest from investments in thermal coal. According to the financial data disclosed, insurers surveyed have US$521 billion in fossil fuel-related securities, which include investments in coal, oil, gas and utilities, US$10.5 billion of which consists of investments in thermal coal enterprises. Since the announcement of Commissioner Jones’ Initiative, insurers have already divested more than US$4 billion in thermal coal and other fossil fuel investments, and have committed to disposing of an additional $881million of coal investments.
1 December 2016: The Sustainable Insurance Forum was launched in San Francisco, California. A full press release detailing the launch can be found here.