The UN-convened Net-Zero Insurance Alliance (NZIA) has launched a public consultation on the Alliance’s first Target-Setting Protocol. This inaugural Protocol outlines NZIA’s recommended approach to target-setting and reporting, as well as how the Protocol is expected evolve in the future. The consultation period closed 21 on November.
Version 1.0 of the Protocol will enable NZIA members to begin to independently set science-based, interim decarbonisation targets for their respective insurance and reinsurance underwriting portfolios in line with a net-zero transition pathway that would limit global warming this century to 1.5° C.
The Protocol builds on the upcoming launch of the first-ever global accounting standard to measure greenhouse gas emissions associated to insurance portfolios (“insurance-associated emissions”) developed by the Partnership for Carbon Accounting Financials (PCAF) in collaboration with the NZIA.
The NZIA also recently announced that the Alliance will continue to collaborate with the Science Based Targets Initiative (SBTi) on the development of the NZIA Target-Setting Protocol in line with SBTi’s upcoming Financial Institution Net-Zero Standard (FINZ).
The final Version 1.0 of the NZIA Target-Setting Protocol will be launched in January 2023. Existing NZIA members will then set and disclose their initial targets by July 2023.
The public consultation process is an opportunity for the wider insurance industry (e.g. other re/insurers, brokers, insurance associations and initiatives) and key stakeholders (e.g. insurance regulators and supervisors, rating agencies, policymakers, civil society organisations/NGOs) to provide feedback on this Version 1.0 of the NZIA Target-Setting Protocol.
Please click here to read the full Version 1.0 of the NZIA Target Setting Protocol
Please click here to watch the recorded webinars on the Protocol