CLIMATE AND SUSTAINABILITY REPORTING IS HELPING US DISCOVER OPPORTUNITIES, 54% SAY

A majority of respondents (54%) in this week’s Airmic Big Question said climate and sustainability reporting is helping their organisations discover opportunities, besides just risks. However, a significant 31% said that climate and sustainability reporting has become a tick-box exercise for their organisation.

Julia Graham, CEO of Airmic, said: “The sustainability reporting process itself is an opportunity for the organisation to respond to a risk landscape that is increasingly shaped by climate change. It is integral to building trust in the business.”

Last week’s Airmic Big Question results revealed that most respondents use the Task Force on Climate-Related Financial Disclosures (TCFD) as one of their climate reporting frameworks, with the Science Based Targets initiative (SBTi) coming in second. The TCFD framework is endorsed by the UK government, and is mandatory for large entities in the private sector.

Hoe-Yeong Loke, Head of Research, Airmic, said: “Risk professionals are well placed to bring synergy between insurers – large corporations which are making some of the most consequential climate commitments in the world today – and the organisations they steer. All stakeholders have a meaningful role to play to ensure that climate and sustainability reporting does not get reduced to a mechanistic tick-box exercise.”

Airmic has been engaging with its members and partners to help organisations respond to the risks and opportunities from climate change that can be gleaned from the process of producing climate disclosures.

Leigh-Anne Slade, Head of Media, Communications and Interest Groups, Airmic, said: “To be effective in meeting the goals of the Paris Agreement, the high-level climate commitments by governments must be undergirded by tangible, credible commitments by businesses and organisations. Airmic members are sophisticated buyers of insurance, and they manage the risk of UK and global organisations. Together with our members, we are determined to engage with all stakeholders on climate disclosures, as well as sustainability reporting issues more broadly.”

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We will be sharing the results of the Airmic Big Question with the press weekly.

You can also find the results here.

Media contact: Leigh Anne Slade
Head of Media, Communications and Interest Groups, Airmic
Leigh-Anne.Slade@Airmic.com
07956 41 78 77