A report from the European Insurance and Occupational Pensions Authority (EIOPA) maps current practices and challenges in the identification, measurement and management of biodiversity risks by insurers and reinsurers as part of the existing Solvency II risk management framework.
Category: Finance
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The UN Sec-Gen sees three ways to fix the world
UN Chief, António Guterres, has issued a warning that sustainable development underpinned by international cooperation is in trouble. Addressing the opening session of the 4th Financing for Development Conference, he noted that multilateralism is struggling, as is trust between the major actors. He said he saw three areas of action:
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The Climate Finance Vulnerability Index shows how hot the world is
The Climate Finance Vulnerability Index (CliF-VI) provides a comprehensive understanding of nations' climate vulnerability to help improve the targeting and provision of climate change adaptation financing. It shows a country’s climate and financial vulnerability as well as governance considerations that may impact lending.
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UK to become sustainable finance capital of the world
The UK Energy Secretary, Ed Miliband, has outlined plans to support banks and large companies in developing climate transition plans. To date, about 70% of FTSE 100 companies have voluntarily developed many of the key elements of a transition plan. The UK Government says that widespread transition planning will help provide long-term certainty and clarity to help scale the sustainable finance industry.
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Wilful blindness: turning a blind eye to planetary insolvency
The global economy could face a 50% loss in GDP between 2070 and 2090 unless immediate policy action on risks posed by the climate crisis is taken. This is the stark warning set out in ‘Planetary Solvency – finding our balance with nature’ by the Institute and Faculty of Actuaries (IFoA) in collaboration with climate scientists.
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£86bn boost to science and tech to turbocharge UK economy
UK Chancellor Rachel Reeves will announce a transformative £86bn in the Spending Review to turbo-charge the country's fastest growing sectors, from tech and life sciences, to advanced manufacturing and defence, as part of the the UK Government’s plan to invest in Britain’s renewal through its Modern Industrial Strategy.
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Rules agreed for credible climate project crediting
The UN body responsible for setting up a carbon market under the Paris Agreement has adopted important new standards to guide how emission-reducing projects measure their impact. Known as the Paris Agreement Crediting Mechanism (PACM), it enables countries and other actors to work together on reducing greenhouse gas emissions by generating high-integrity carbon credits that support global efforts to fight climate change.
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Uzbekistan to modernise irrigation infra with World Bank support
The World Bank has approved a $200m concessional credit to support Uzbekistan in modernising its irrigation and drainage infrastructure and improving the quality of irrigation service delivery. The project aims to reduce water losses and increase the energy efficiency of irrigation systems across five regions of the country. The Government of Uzbekistan will provide $23.2m in co-financing.
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UK publishes its woodland natural capital accounts 2024
Natural capital accounts containing information on the extent, condition and ecosystem services for woodlands in the UK have been published by the UK’s Office for National Statistics. They show that the UK land area covered by woodlands increased from 7% in 1965 to 13% in 2023. The asset value of UK woodlands was an estimated £382bn in 2021. While timber and wood fuel is often seen as the main woodland asset, it accounted for just 3.9% or £14.bn.
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Malawi: World Bank approves hydro power storage grant
The World Bank Board of Executive Directors has approved a $350m grant from the International Development Association to support Malawi’s Mpatamanga Hydropower Storage Project (MHSP), a large infrastructure operation aiming to transform the country’s energy landscape and its economic development trajectory.
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What does the UK-EU Summit mean for energy and emissions?
The UK and the EU have agreed a substantial cooperation agreement in relation to trade and free movement. Included in the package are two energy and emissions trading arrangements.
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Funding for flood defences is crucial, says the ABI
The Association of British Insurers (ABI) says that, between January and April this year, claims for weather-related damage to people’s homes and possessions in the UK topped £200m for the first time ever. Pay-outs surpassed the previous quarterly record from Q1 2022 by £67m.
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LME looks into premium prices for sustainable metals
The London Metal Exchange (LME) is exploring the potential for premium prices for sustainable metals. It says that by making a sustainability price differential public, the value attached to sustainable metals will be transparent and could support the development of the market for sustainable metals.
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How to halt and reverse nature loss – invest
It is estimated that the private sector requires $1.2tr worth of annual investment in direct and nature-adjacent projects to halt and reverse nature loss, says the World Economic Forum. However, the majority of financial institutions still find that data availability and quality are barriers to allocating capital to nature.
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UK Gov strengthens carbon markets; helps leverage capital
The UK Government has launched plans to strengthen voluntary carbon and nature markets which can help leverage the finance needed to address climate action while diversifying revenue streams.