UNEP FI’s Principles for Sustainable Insurance signs up as Climate Bonds Partner

The UNEP FI Principles for Sustainable Insurance (PSI) today joined the Climate Bonds Partners program.

Launched in 2012, the Principles for Sustainable Insurance leads the collaborative initiative between the United Nations Finance Initiative and the insurance industry. It serves as global framework for this sector to address environmental, social and governance risks and opportunities.

Butch Bacani, Programme Leader, the UNEP FI Principles for Sustainable Insurance Initiativesaid:

The insurance industry is uniquely positioned to accelerate the transition to a low-emission and climate-resilient economy. Beyond its core expertise of identifying, assessing and reducing risks and providing financial protection, the insurance industry is one of the world's largest institutional investors, with about USD 30 trillion in global assets under management.

Much of the insurance industry's investments are in the form of bonds, which is why the Climate Bonds Initiative is a natural partner for us. Green bonds underpin the aims of the United Nations-backed Principles for Sustainable Insurance. We need collaborative, widespread and urgent action to tackle climate change as part of the sustainable development imperative.

Sean Kidney of the Climate Bonds Initiative said:

Insurers are the institutions we trust to make a bridge between the long and short-term; to give us the means to better manage our forward risks.  In the context of the extraordinary risks and dangers we face to our economies, societies, investments and even civilization on our current trajectory towards what the International Energy Agency calls a catastrophic 4-6ºC global warming, the role of insurers is vital.

We're thrilled to have the opportunity to work with the PSI on the challenge of achieving a rapid transition to a low-carbon and climate resilient economy.

The UNEP FI Principles for Sustainable Insurance (PSI) serve as a global framework and initiative for the insurance industry to address environmental, social and governance risks and opportunities. Endorsed by the UN Secretary-General, the PSI was launched at the 2012 UN Conference on Sustainable Development.

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