• Atmospheric CO2 /Parts per Million /Annual Averages /Data Source: noaa.gov

  • 1980338.91ppm

  • 1981340.11ppm

  • 1982340.86ppm

  • 1983342.53ppm

  • 1984344.07ppm

  • 1985345.54ppm

  • 1986346.97ppm

  • 1987348.68ppm

  • 1988351.16ppm

  • 1989352.78ppm

  • 1990354.05ppm

  • 1991355.39ppm

  • 1992356.1ppm

  • 1993356.83ppm

  • 1994358.33ppm

  • 1995360.18ppm

  • 1996361.93ppm

  • 1997363.04ppm

  • 1998365.7ppm

  • 1999367.8ppm

  • 2000368.97ppm

  • 2001370.57ppm

  • 2002372.59ppm

  • 2003375.14ppm

  • 2004376.96ppm

  • 2005378.97ppm

  • 2006381.13ppm

  • 2007382.9ppm

  • 2008385.01ppm

  • 2009386.5ppm

  • 2010388.76ppm

  • 2011390.63ppm

  • 2012392.65ppm

  • 2013395.39ppm

  • 2014397.34ppm

  • 2015399.65ppm

  • 2016403.09ppm

  • 2017405.22ppm

  • 2018407.62ppm

  • 2019410.07ppm

  • 2020412.44ppm

  • 2021414.72ppm

  • 2022418.56ppm

  • 2023421.08ppm

News & Views

NZIA launches Target-Setting Protocol to ‘decarbonise real economy’

The Net-Zero Insurance Alliance launched the protocol at the World Economic Forum in Davos to help accelerate the transition to a net-zero economy.

Content Tags: Insurance  Transition  Paris Alignment 

The United Nations-convened Net-Zero Insurance Alliance (NZIA) has launched its first Target-Setting Protocol, which will “use insurance as a lever to decarbonise the real economy”.

At the World Economic Forum’s Annual Meeting in Davos, the NZIA introduced the new protocol, to help members begin to independently set science-based, intermediate targets for their respective insurance and reinsurance underwriting portfolios.

The targets will be in line with a net-zero transition pathway consistent with a maximum temperature rise of 1.5°C above pre-industrial levels by 2100, to contribute to the implementation of the Paris Agreement on climate change.

Speaking at a pre-launch event, Butch Bacani, programme lead for the UN Environment Programme’s Principles for Sustainable Insurance, said that the Target-Setting Protocol will cause “fundamental change” in understanding the environmental impacts of insurance and reinsurance companies’ activities.

“The real economy is not net zero, it’s currently high in carbon. So, the basic idea [of the Target-Setting Protocol] is we want to use insurance as a lever to decarbonise the real economy and avert industrial Arctic climate change.”

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The Target-Setting Protocol is totally unprecedented. It shows that we (NZIA) are walking the talk and we are getting our act together by laying out a very practical, concrete framework and taking action.

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Renaud Guidée, chair, NZIA

Three target categories

The protocol outlines five target types, split into three differentiated target categories: greenhouse gas emissions reduction, engagement and re/insuring the transition. The five target types within the categories include overarching emissions reduction, sectoral decarbonisation, portfolio coverage, focused engagement and re/insuring the transition.

Existing NZIA members will be required to set at least one of the five target types by 31 July 2023 and at least one type in each of the three target categories by 31 July 2024.

The protocol comes just 18 months after the creation of NZIA, which was launched at the 2021 G20 Climate Summit in Venice. The alliance is made up of over 29 leading insurers representing more than 14% of world premium volume globally. Each member of NZIA has committed to transitioning their insurance and reinsurance underwriting portfolios to net-zero greenhouse gas emissions by 2050.

At the same pre-launch event, Renaud Guidée, NZIA’s chair and AXA Insurance’s group chief risk officer, said: “The Target-Setting Protocol is totally unprecedented. It shows that we (NZIA) are walking the talk and we are getting our act together by laying out a very practical concrete framework and taking action.

“But, if I had to sum it up, I would say we have put our balance sheet where our mouth is, certainly about our commitment.”

Content Tags: Insurance  Transition  Paris Alignment 

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