The ABI has ramped up the industry’s engagement on climate change as the UK prepares to host COP26, with our key focus being the development of an industry Roadmap that will showcase the collective contribution ABI members can make and identify where action from Government and regulators can allow us to do more.
We have also advanced the industry’s external profile on this topic through joining the UN’s Principles for Responsible Insurance initiative and endorsing the Impact Investing Institute’s Green+ Gilts proposal.
Alongside this work, we have continued to work closely with members to ensure an effective response to the growing regulatory interest in climate change. This has included responding to a series of consultations and organising roundtables on TCFD implementation and engaging with the Bank of England on its approach to the upcoming Climate Biennial Exploratory Scenario (CBES exercise), where a response developed by the ABI’s working group helped ensure a more proportionate approach to several aspects of the exercise.
The FCA’s response on Open Finance saw the adoption of a proportionate response recommended by the ABI where any developments in this area are based on proven use-cases and are introduced on a phased basis, significantly reducing the risk that an extension of Open Banking into insurance will be mandated on an aggressive timeline.
