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Accelerating Innovation to Address Climate Risks
November 23, 2022

407 words… 2 minutes to read

Last week closed out COP27, the United Nations (UN) Climate Change Conference in Sharm el-Sheikh, Egypt, with a decision to establish and operationalize a fund to compensate vulnerable nations for "loss and damage" from climate-induced disasters. The UN Secretary General called the decision “an important step towards justice” and “a giant leap on climate ambition,” stressing the need to “drastically reduce emissions now.”

Aon is helping our clients navigate increasing volatility related to climate change, unlock growth opportunities and accelerate the transition to a low-carbon economy. Highlights of the firm’s recent initiatives and insights include:

  • Aon and the UN recently addressed how captive insurers can embed ESG and sustainability in their strategies: Aon’s new report, “Using a Captive Insurance Company to Drive Positive ESG Outcomes,” highlights the meaningful role captive insurance companies can play in supporting their parent companies’ ESG strategy. Read more to learn how the UN Environmental Programme Finance Initiative (UNEP FI)’s Principles for Sustainable Insurance (PSI) can help captive owners address ESG risks in Captive International.
  • Explore how the insurance industry can play a role in reducing the investment of nature-based solutions and improve the integrity of carbon offset transactions in Aon’s whitepaper, “The Role of the Insurance Industry in Solving Biodiversity and Climate Crisis”.  
  • Aon and Revalue Nature, a next-generation developer of nature-based solutions, recently announced they will work together to help accelerate the deployment of nature-based solutions to reduce relevant risks associated with carbon offset transactions. According to Joe Monaghan, CEO for Aon’s Public Sector Partnership, “Our market insights, analytics and risk transfer solutions, coupled with Revalue Nature’s nature-based carbon projects and climate expertise, can help enable organizations to make better decisions as they work toward net-zero transition.” Read more in Insurance Thought Leadership.
  • Aon CEO Greg Case spoke at the PwC breakfast briefing during the Monte Carlo Rendez-Vous, highlighting the issue of climate volatility. “Insurance exists to protect the things you can’t afford to lose. With climate change, if we lean into the challenge, innovate and collaborate on a scale not seen before, we have a generational opportunity to make a difference in the global economy,” Case said. “Climate change must be a priority, in every way, shape or form.” Read more about his speech on climate change and the opportunity it presents for the industry to rethink how to match capital to volatility in Artemis.
 
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