Brazilian insurance industry supports climate risk transparency
The Brazilian insurance market was the first to pledge support for dialogue on how to meet the recommendations of the Financial Stability Board's Task Force on Climate-Related Financial Disclosures (TCFD). By fully supporting the Paris Agreement and advocating climate risk transparency, the Brazilian insurance industry wants to understand the risks of climate change and reduce climate-related physical, transition and liability risks linked to the industry's underwriting and investment activities.
The declaration was signed at the event, "Shaping the sustainable insurance agenda in Latin America", hosted by UN Environment’s Principles for Sustainable Insurance Initiative and the Brazilian Insurance Confederation. As multiple stakeholders and representatives from Latin America and other continents gathered, the discussion focused on topics of how the insurance industry could make their communities and economies more resilient, inclusive, and sustainable.
The Task Force of the Financial Stability Board focuses on physical, liability, and transition risks associated with climate change. Consequently, it develops climate-related financial risk disclosures, which companies may use to provide efficient information to their investors, lenders, insurers, and other stakeholders.
To read up on the pledge, you may find the Rio declaration for climate risk transparency here: http://www.unepfi.org/psi/wp-content/uploads/2018/05/Rio-declaration-on-climate-risk-transparency-English.pdf
To inform yourself about the Task Force on Climate-Related Financial Disclosures, visit their website: https://www.fsb-tcfd.org/
Adaptation Climate Change Finance Insurance