UNEP creates Forum for Insurance Transition to Net Zero

Written by Adam Cadle

25/04/2024

The United Nations Environment Programme (UNEP) has announced the creation of the Forum for Insurance Transition to Net Zero (FIT), a new UN-led and convened structured dialogue and multistakeholder forum to support the necessary acceleration and scaling up of voluntary climate action by the insurance industry and key stakeholders.

Chaired by UNEP, the FIT will work with insurance market participants (insurers, reinsurers, brokers) and engage with insurance regulators and supervisors, net-zero standard-setters and initiatives, the scientific and academic community, civil society, and other key stakeholders to advance net-zero insurance thinking and practices globally.

Initial priorities for the FIT include:
- Advancing frameworks for net-zero insurance metrics and voluntary targets, and developing new net-zero insurance concepts;
- Developing a net-zero transition plan framework for insurance market participants;
- Engaging with the real economy on the development of net-zero transition plans by corporates across different sectors;
- Tackling challenges and opportunities to develop insurance solutions and taxonomies that would support the net-zero transition.

Founding FIT participants comprise 19 insurers and reinsurers from around the
world, including from Africa, Asia, Europe, Latin America, and the Caribbean, North America, and Oceania.

The FIT will seek input on its activities from two separate consultative groups that are independent of each other – one group made up of insurance regulatory and supervisory authorities; the other group made up of academic, research, and civil society organisations.

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