Global leaders progress fight against climate change
Insurers are working hard to promote the value of insurance in mitigating the risk of climate change.
Business and insurance leaders from around the world met in Poznan, Poland last week to work through solutions to climate change and reducing greenhouse gas emissions.
The launch coincided with the United Nations Climate Change Conference held in Poznan, in which the Munich Climate Insurance Initiative (MCII) proposal – to put a prevention and insurance pillar into a new adaptation framework – was also put forward.
Australian companies including IAG, National Australia Bank and Westpac were among 140 companies to help launch the Poznan Communique.
The communique aims to help overcome climate change, which it says “poses global social, environmental and economic risk and demands transformational change in how we manage our global economy”.
The MCII wants an internationally supported insurance-related system to help poorer countries manage weather-related risks.
Business leaders involved in the communique say the Kyoto Protocol to fund emission reduction projects in developing countries should be revised to enable greater transfer of funds and technology from developed to developing countries.
Allianz Global Investors CEO Joachim Faber says the 140 companies agree that decisive action will stimulate global activity and delaying action will increase the costs of stabilising the climate.
“It’s time to act,” he said. “We support the UN to establish a framework for global emissions reduction. In the meantime let’s ensure some quicker wins – stop tropical deforestation and save energy with measures.”
Business and insurance leaders from around the world met in Poznan, Poland last week to work through solutions to climate change and reducing greenhouse gas emissions.
The launch coincided with the United Nations Climate Change Conference held in Poznan, in which the Munich Climate Insurance Initiative (MCII) proposal – to put a prevention and insurance pillar into a new adaptation framework – was also put forward.
Australian companies including IAG, National Australia Bank and Westpac were among 140 companies to help launch the Poznan Communique.
The communique aims to help overcome climate change, which it says “poses global social, environmental and economic risk and demands transformational change in how we manage our global economy”.
The MCII wants an internationally supported insurance-related system to help poorer countries manage weather-related risks.
Business leaders involved in the communique say the Kyoto Protocol to fund emission reduction projects in developing countries should be revised to enable greater transfer of funds and technology from developed to developing countries.
Allianz Global Investors CEO Joachim Faber says the 140 companies agree that decisive action will stimulate global activity and delaying action will increase the costs of stabilising the climate.
“It’s time to act,” he said. “We support the UN to establish a framework for global emissions reduction. In the meantime let’s ensure some quicker wins – stop tropical deforestation and save energy with measures.”