29% HAVE A LOW LEVEL OF CONFIDENCE IN THEIR ORGANISATION’S TRANSITION PLAN

Twenty-nine per cent of respondents in this week’s Airmic Big Question said they had a low level of confidence in their organisation’s transition plan. This follows the backlash against the Science Based Targets initiative (SBTi), the arbiter of corporate climate targets, which was criticised for allowing wider use of the carbon offsets. SBTi has since published research showing that such use of carbon offsets in climate goals was mostly “ineffective”.

Julia Graham, CEO of Airmic, said: “The level of investment and cost involved in an organisation’s transition plan can pan out to be higher than originally anticipated. Nevertheless, a robust transition plan can provide organisations with a strategic roadmap for building resilience in the business, while meeting their climate goals.”

In collaboration with KPMG and the Lloyd’s Market Association (LMA), Airmic has embarked on a project examining how the insurance sector as a whole can better support organisations through the climate transition. Airmic seeks to bring risk professionals together to work through some of these issues facing them and their organisations, through platforms such as its Climate Special Interest Group.

Hoe-Yeong Loke, Head of Research, Airmic, said: “Our members say their organisations’ short-term transition plans are mostly on track, but it is their longer term transition plans which require more analysis, discussion and planning. Greenwashing can threaten all that progress, which is why it is imperative that all stakeholders take concrete steps to build up overall confidence in the transition plans of organisations.”

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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