It's just 125 days until the 2025 United Nations Climate Conference (COP30) kicks off in Belém, Brazil. Of those 125 days, 34 are weekends and there's a hefty holiday season sitting between now and the 10 November start date.
So, the world's biggest climate event might be closer than you think.
And the insurance industry's sustainability crowd certainly knows it. That much has been clear from numerous events over the past few weeks.
Most notably, at the Forum for Insuring the Transition to Net Zero (FIT) event at the start of the month, fresh details emerged about the 'House of Insurance' at COP30 – an initiative led by Brazil's insurance association CNseg.
The aim is to provide the sector with dedicated representation at the summit. Banks typically have their own spaces at climate events, which is something the insurance industry has long lacked.
At the same event, FIT published a transition plan guide to help re/insurers and brokers develop and disclose credible transition plans for their underwriting portfolios.
This is another stepping stone toward COP30, where FIT's final transition plan guidance will be delivered, tying together underwriting and investment portfolios for a total balance sheet perspective.
The COP30 buzz also rang loud during London Climate Action Week, held in the last week of June. Insurers played a noticeably bigger role in this year's proceedings. Highlights included FIT chair Butch Bacani urging insurers to better externalise their risk expertise and an event exploring the insurance opportunities in the commercialisation of fusion energy.
Staying in the UK (but on the regulatory front) the government finally put forward its draft Sustainability Reporting Standards. The proposals are based on the International Sustainability Standards Board (ISSB) IFRS S1 and S2 standards, and they include requirements for credible transition planning.
In more regulatory and supervisory news, Insurance Europe also voiced support for ISSB revisions allowing entities to exclude insurance-associated emissions disclosures, while Eiopa called for greater action on biodiversity risk.
Meanwhile, academics in Switzerland and Germany found fossil fuel underwriting exclusions to be effective, though implementation remains highly inconsistent.
And last, but certainly not least, perhaps the biggest news of the past month: InsuranceERM has opened nominations for the annual Climate Risk and Sustainability Awards 2025, celebrating the individuals, teams and firms across the global insurance market tackling climate risk, driving innovation and advancing sustainability. You can enter here before the deadline of Friday 15 August.
People:Butch Bacani