Insurance Europe calls on EU to prioritise climate standards over social disclosure

Written by Adam Cadle

14/09/2022

Insurance Europe is calling on the EU to prioritise setting climate standards over social ones, in putting forward its ESG taxonomy.

In a response to an EU consultation, Insurance Europe called on the EU to hold back from setting “overly prescriptive” ESG standards, particularly in regards to human rights, as it called for climate standards to be prioritised.

Philippe Angelis, senior policy advisor at Insurance Europe, said: “We believe that generally priority should be given to climate as it is more mature, established and also very urgent.”
“Climate disclosures are more mature than social disclosure at this stage.”

Insurance Europe called on the EU’s Platform on Sustainable Finance (PSF) to use existing human rights laws in setting out its social standards, instead of introducing new ones.

The lobby group said the EU’s taxonomy should align with its Corporate Sustainability Due Diligence Directive (CSDDD).

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