Guide launched to help insurers protect World Heritage sites

The UN Environment’s Principles for Sustainable Insurance (PSI) initiative and the WWF have jointly published the first guide for the insurance industry designed to protect World Heritage sites. The guide, Protecting our World Heritage, insuring a sustainable future, builds on last year’s launch of the first insurance industry statement of commitment to protect World Heritage sites. To develop the guide, PSI, a collaboration between the UN and the insurance industry, worked with its member insurers,the WWF and the UN Educational, Scientific and Cultural Organization (UNESCO) World Heritage Centre. The organisations said the aim is to provide practical guidance to insurers on how to prevent or reduce the risk of insuring and investing in companies or projects whose activities could damage World Heritage sites, particularly in relation to sectors such as oil and gas, mining, and large-scale hydropower. Other relevant sectors include logging, fishing, agriculture, plantations, and large-scale infrastructure such as pipelines, roads and mega-ports. PSI noted that almost half of all natural World Heritage sites are threatened by industrial activities and large infrastructure developments, which may cause irreversible damage. “Protecting World Heritage sites for present and future generations is not an option, but an obligation for all. Losing these treasures means losing sources of life, inspiration and human wellbeing, and losing the war against unsustainable development,” said Butch Bacani, who leads the PSI at UN Environment. “This guide will help insurers protect our world’s most prized assets in their risk management, insurance and investment activities, while curbing carbon emissions, building disaster resilience and ensuring healthy ecosystems. We call on insurers around the world to unite behind the science, show decisive leadership and take ambitious action in insuring a sustainable future.” The guide explains the risks that insurers face and outlines a set of basic and advanced recommendations that insurers can implement in their risk management, insurance and investment activities. “Critically, the principles of good risk management and sustainability embodied in the guide can also be used for various types of protected areas – from strict nature reserves, wilderness areas and national parks, to natural monuments and features, and protected landscapes and seascapes – as well as Ramsar sites, wetlands of international importance,” said PSI. “Natural World Heritage sites include some of the world’s most amazing landscapes. A source of wonder and inspiration, they also provide critical habitats and vital services such as freshwater,” said Margaret Kuhlow, WWF finance practice leader. “This practical guide will enable the insurance sector to make long-term investment decisions that reflect the value of natural World Heritage sites and support the 11 million people who depend on them for their wellbeing. We look forward to continuing our work with UNESCO and PSI to support the industry in implementing this guidance.” PSI said the guide highlights the importance of collaboration and is a “call to action for insurers around the world to join the global effort to protect the priceless and irreplaceable assets that make up our World Heritage, for present and future generations”.

Guide launched to help insurers protect World Heritage sites

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