Expectations from International Sustainability Standards Board (ISSB) in making insurers ESG aligned
At 4C plus, much of what we can and do insure becomes uninsurable. The Arctic has warmed four times faster than the globe since 1980. Our current pathway assures us of a 5C plus trajectory. We are already at 420 ppm of CO2 and have breached seven out of nine planetary boundaries. Whilst on this track, the world’s largest asset manager Blackrock, backtracks on Scope 3 emissions from its portfolio. With shipping and aviation outside the scope of Paris Agreement, two most polluting portfolios remain unleashed. Growing space launches will put more pressure on the ozone layer. Needless to mention the rising clamour for seabed mining. And now the war makes gas and nuclear compelling. In all this (and much more) melee - the insurance industry should remember fence sitting is not the best option.