In his closing remarks for the IDF Summit 2021, Secretary General of the United Nations, António Guterres laid out four steps forward for the insurance sector to advance the global resilience and mitigation agenda in the face of climate change.
António Guterres, Secretary General of the United Nations, issued a strong call to action in the form of four key areas to focus on in his closing address at the IDF Summit 2021.
As the world looks ahead to COP26, Mr Guterres said the insurance sector has a key role to play, as both insurers and investors, to do more to advance global protection from rising climate and disaster risks in four key areas:
- The insurance industry should continue to place risk capital and technical expertise behind disaster resilience. We can also do more to invest in developing countries, especially in low carbon climate-resilient infrastructure.
- Developing countries need better abilities to understand and manage risk, and develop their own insurance markets, including for small businesses and individuals.
- The development community must advocate for better integration of risk finance and insurance into country development planning and financing.
- Donor countries should support this work by recognising the value of investments in governance, market transformation and premium support.
“Every country, city, financial institution and company needs to adopt plans for transitioning to net zero emissions by 2050. That means taking decisive action now,” he added.
21st September, 2021