Tema
Debat

The insurance and pension industry adopts a common standard for climate footprint

13. Oct. 2021
Intense efforts among Danish insurance and pension companies to reduce their climate footprint is in full swing. The industry has now adopted common measuring points for carbon emissions from investments, damage prevention, active ownership and use of paper as a part of everyday life.

In late 2019, the Danish Government set up 13 Climate Partnerships to produce specific recommendations on how the Danish business community can contribute to the ambitious target of reducing Denmark’s greenhouse gas emissions by 70 percent in 2030.

The financial sector’s Climate Partnership is led by Torben Möger Pedersen, CEO of PensionDanmark. The recommendations were directed at the government as well as the industry itself. The entire insurance and pension industry is now presenting concrete measuring points for their own climate commitments.

- It is absolutely crucial to have perfectly clear – and common – measuring points for our action to achieve our ambitious climate goals. Since we handed our recommendations over to the Government, our industry has worked hard to prepare an industry recommendation that can help creating transparency with regard to our goals for the clients’ climate footprint, our client interaction and project delivery, sustainability i our business models and cutting our own emissions, says Torben Möger Pedersen.

- You get, what you are measuring – and the same definitely applies to our climate actions. That is why it is so important and positive that we have now obtained consensus on measuring methods and quality assurance for our work in the industry with regard to the green transition, says Torben Möger Pedersen.

The industry’s future reporting will contribute to strengthening the credibility and ensure comparability across the companies. In future, climate footprint must be measured across the board. Targets need to be set, reduction of the client’s carbon footprint of investments should be monitored and active ownership should contribute to focus on climate adaptations. Moreover, integrating sustainability must be strengthened across the industry.

- It is a demanding task when our companies are calculating total carbon emissions from the total investments and reporting e.g. on sustainable property investments. But we are committed to our goals of cutting carbon emissions, and that is why it has been so important to get a common standard in place, says Kent Damsgaard, CEO of Forsikring & Pension.

- We all need to contribute to fight global climate change, and now we take the lead as an industry and create transparency with regard to our climate footprint. We are the largest investors in this country, and that obviously puts us under an obligation, why we have prepared an industry recommendation dealing with our daily paper consumption, travelling by low emission cars and essential elements such as our investment areas. At the same time, the insurance companies have strong focus on making sure that energy improvements, damage prevention and other green measures are included as an important part of the dialogue with the clients, says Kent Damsgaard.

 

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Kent Damsgaard

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