As insurers and society progress on tackling climate change, transition plans will be a helpful tool to ensure accountability and consistency.
That is the opinion of Deepak Jobanputra, chief sustainability officer at health and life insurer Vitality, ahead of InsuranceERM's Insurance Risk & Capital EMEA 2023 conference, which will take place in London on 4 December.
Jobanputra, who will be speaking on a panel at the event about transition planning told InsuranceERM: "Climate change is fast becoming an increasing responsibility for big business, especially for financial services firms."
He explained that to ensure the risks are mitigated and opportunities are realised from the climate commitments insurers are making on net zero, it will require a framework.
"To get the required consistency and accountability, transition plans can provide a common disclosure framework that can bring wide-ranging benefits, as long as they are defined with rigour and discipline," added Jobanputra.
In his view, transition plans can help insurers play a significant role in enabling a net zero transition and support them in making the world more resilient to climate change.
Other themes on transition plans that will be discussed at the conference include greenwashing vs. greenhushing, tackling scope 3 emissions and how transition plans can be utilised.
To register for the Insurance Risk & Capital EMEA event and view the agenda, please click here.