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 is collaborating 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 “insured emissions”. This pioneering global standard is scheduled to be launched later this year. Read more.
NZIA members are required to publish their respective first interim science-based targets within six (6) months after the publication of an NZIA Target-Setting Protocol, which will build on the NZIA’s work with PCAF to develop a global standard to measure insured emissions. The NZIA Target-Setting Protocol will be developed over a period of 18 months from the time the NZIA was launched (July 2021) and is scheduled to be published by January 2023.
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.
c. Net-zero insurance white paper
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.
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
Development and implementation of the NZIA global communications programme including internal and external communications.
If you are a NZIA member representative and would like to take part in one of the workstreams, please contact Diana Diaz.