Net-Zero Insurance Alliance launches Target-setting Protocol
Today, the Net-Zero Insurance Alliance (NZIA) launched its first Target-Setting Protocol at the World Economic Forum’s Annual Meeting in Davos. As member of the NZIA and co-writer of the Protocol, NN welcomes this important milestone.
NN is committed to transition its insurance underwriting portfolio to net-zero greenhouse gas emissions by 2050, consistent with a maximum temperature rise of 1.5°C above pre-industrial levels by 2100, in order to contribute to the implementation of the Paris Agreement on Climate Change.
The Target-Setting Protocol will enable NZIA members to set science-based, intermediate targets to transition insurance underwriting portfolios to net-zero. It outlines five target types with respect to emissions reduction, engagement and/or insuring the transition category. In line with the protocol’s requirements, NN will subsequently set and disclose initial target(s) by 31 July 2023.
David Knibbe, CEO of NN Group: "The NZIA's Target-Setting Protocol is an important step towards net-zero target-setting for insurance underwriting. It underscores how our industry, through joint action, can play a key role in enabling the transition towards a low-carbon economy."
The Protocol builds on the launch of the global accounting standard to measure greenhouse gas emissions associated with insurance underwriting portfolios, which was developed by the Partnership for Carbon Accounting Financials (PCAF) in collaboration with the NZIA.
About the NZIA
The United Nations-convened Net-Zero Insurance Alliance (NZIA) is a group of 29 leading insurers representing about 15% of world premium volume globally, who are all signatories to the UN Principles for Sustainable Insurance (PSI). For more information on the NZIA, please refer to their website.
The NZIA will continue to collaborate with the Science Based Targets Initiative (SBTi) on the development of its approach to target-setting for insurance and reinsurance underwriting portfolios, in line with SBTi’s upcoming Financial Institution Net-Zero Standard (FINZ).