On the occasion of Climate Finance Day, the Paris financial market announced today the launch of the Sustainable Finance Observatory, a world first. This Observatory, in which the Fédération Française de l’Assurance (FFA) is participating, aims to contribute to transparency, monitoring and evaluation of the gradual transformation of the financial sector as a whole. On this occasion, the FFA is publishing a report (only in French) on “Sustainable Insurance and Finance”, with a focus on the sector’s 2019 key figures.
Nearly 355 players have volunteered to share their individual commitments through the Observatory, which will also unveil, sectoral data through the professional federations involved. With the creation of this Observatory, the Paris financial centre is reaffirming its leading role in the fight against climate change and, more broadly, in the development of sustainable finance.
Aware of sustainability issues, insurers must take into account the consequences of their investments today so as not to create environmental and social imbalances, the consequences of which they will have to deal with in the future. As long-term investors, they are also major players involved in financing the economy.
It is in this context that the Fédération Française de l’Assurance is publishing a report on the 2019 data for the insurance sector presented around 5 major sustainability challenges:
- Helping to finance the transition to a low-carbon economy
- Reducing investment in thermal coal to zero
- Assessing and managing climate risk in investment portfolios
- Supporting the transformation of companies’ environmental, social and governance (ESG) practices
- Offering policyholders responsible, green and solidarity-based savings products
Today, more than ever, the French insurance sector is collectively committed to supporting sustainable growth to accelerate the transition to a low-carbon and inclusive economy and to building a society that is more resilient to climate risks.