Guernsey’s insurance sector has signed a pledge to be carbon neutral by 2050.
The Guernsey International Insurance Association (GIIA) has signed up to the SME Climate Hub’s Climate Commitment, which recognises that climate change poses a threat to the economy, nature and society at large.
Companies that sign up are committing to take action immediately in order to halve their greenhouse gas emissions before 2030, achieve net-zero emissions before 2050 and disclose their progress on a yearly basis.
Tools and resources are then available to participating companies as a result of SME Climate Hub's partnership with Oxford University.
The commitment signed by companies states: “In doing so, we are proud to be recognised by the United Nations Race to Zero campaign, and join governments, businesses, cities, regions and universities around the world that share the same mission.”
The pledge, signed via the UK government’s Department for Business, Energy & Industrial Strategy, was timed to coincide with the UN's COP26 climate change conference in November.
GIIA framework
GIIA released an ESG framework earlier this year, with the aim of helping its member organisations manage ESG opportunities and risks, and deliver positive ESG impact.
That is having an impact already, with Guernsey insurance managers Strategic Risk Solutions (SRS) and Robus signing the pledge.
“Strategic Risk Solutions can play an important role in addressing the greatest emergency facing society today, not just through their own actions but by supporting their clients in signing up for the GIIA ESG Kitemark,” said SRS Managing Director Peter Child.
Robus Guernsey General Manager Jamie Polson said: “We at Robus are taking our responsibility to limit warming to 1.5 degrees seriously and had no hesitation in signing up to the net-zero pledge. Our own targets will be more ambitious yet, and we are excited to see many of our clients and prospects taking similar steps.”
The pledge has also been signed by ESI Monitor, which rates businesses on their environmental and social impact.