In order to develop the tools and guidance to implement the commitments its members have made, the Net-Zero Insurance Alliance (NZIA) has put in place six workstreams. The work is led by the Principles for Sustainable Insurance (PSI) Initiative’s Secretariat and the working groups comprise NZIA member representatives with expertise in the relevant areas. Find out more about the different workstreams below.
a. Metrics and targets
The NZIA has collaborated with the Partnership for Carbon Accounting Financials (PCAF) to develop the first global standard to measure and disclose emissions attributable to insurance underwriting portfolios—or “insurance-associated emissions”. This pioneering global standard was launched on 16 November 2022. Read more.
Version 1.0 of the NZIA Target-Setting Protocol launched on 17 January, 2023 at the World Economic Forum Annual Meeting in Davos. NZIA members are required to publish their respective first intermediate science-based target(s) by 31 July 2023. Click here to read the launch release.
The engagement workstream is focused on raising awareness on net-zero insurance as well as engaging with various stakeholders (including GFANZ, insurance supervisors, regulators, etc.) on the technical details of net-zero insurance.
The governance workstream is tasked with regular review of the NZIA Governance structure and Governance document to ensure the governance of the NZIA suits the current needs of the Alliance.
d. Life & Health exploratory
Given the increasing interest in understanding and shaping the role of life & health insurance business in the net-zero transition, the NZIA has launched an exploratory workstream that will work on understanding the approaches that these insurers can take to contribute to a net-zero economy
The antitrust workstream has been established to ensure compliance with antirust/competition laws. It is supported by the NZIA members’ legal teams and external legal advisors. This workstream is engaging with competition authorities to support the work of the NZIA.
f. NZIA Communications
This workstream supports the UN PSI Secretariat in the development and implementation of the NZIA global communications programme including internal and external communications.
g. Net-Zero Insurance White Paper (Work Completed)
This workstream has developed a white paper that articulates what net zero means in the context of insurance and reinsurance underwriting portfolios, as well as key challenges, opportunities and approaches to achieve net zero.
If you are a NZIA member representative and would like to take part in one of the workstreams, please contact Patricia La Vista