Australian insurance industry ramps up efforts to achieve net-zero emissions
The Insurance Council of Australia (ICA) has released an updated version of its climate change roadmap, outlining the industry’s commitment to achieving net-zero emissions by 2030 for operations and 2050 across the entire value chain.
The 2023 update of the roadmap, titled Towards a Net-Zero and Resilient Future, provides clear goals and best practice guidelines for insurers to reduce greenhouse gas emissions.
It also includes new sections on implementation strategies and case studies showcasing industry progress, as well as the results of a survey of its members on their progress towards net zero, the ICA said in a statement.
The survey found that more than 85% of members have set organisation-wide net-zero targets by 2050 or earlier, with more than 60% of members setting interim targets to reduce emissions across their operations, investment, and supply chains.
The survey shows insurers are investing in renewable energy and efficiency and are also working with communities to build resilience to the worsening impact of extreme weather.
The Insurance Council said it will continue advocating on behalf of its members and their customers for policy settings that accelerate Australia’s transition to net zero.
The roadmap recently won the Sustainability Award at the 27th Asia Insurance Industry Awards.
Andrew Hall, ICA CEO, said: “The insurance industry is at the forefront of the impacts of climate change. In 2022 alone, there were more than 302,000 disaster-related claims lodged from four declared insurance events across the country, costing A$7.28bn ($4.79bn) in insured losses.”
He added: “Our members are taking decisive action to address worsening extreme weather driven by a changing climate, as well as building a more resilient future for all Australians. The updated roadmap will help us achieve our net-zero targets.”
This article first appeared on our sister website Asia Insurance Review. For further news from Asia Insurance Review, please visit https://www.asiainsurancereview.com/
