Fossil-fuel subsidies rose to a record $7tn in 2022 as governments supported consumers and businesses during the global spike in energy prices caused by Russia president Vladimir Putin's invasion of Ukraine and the economic recovery from the pandemic according to the IMF.
China's first forest biodiversity insurance providing compensation for environmental damage caused by a range of factors from natural disasters to invasive species was introduced in Zhejiang province, in July, the local government announced.
S&P Global Ratings will no longer publish ESG credit indicators for publicly rated entities in its reports. However, these alphanumeric ESG credit indicators supplement the narrative paragraphs in its credit rating reports and these narrative paragraphs will continue to be a part of the rating agency's reports.
New York-listed Waterdrop, a leading Chinese technology platform dedicated to insurance and healthcare service with a positive social impact, recently completed the United Nations Global Compact's Climate Ambition Accelerator (CAA) program in Shanghai, becoming one of the program's inaugural China-based graduates.
A majority (75%) of board members worldwide agree that a coherent ESG strategy helps to create sustainable organisational value and stronger financial outcomes, however, many corporate directors believe there are limited resources available to help tackle the specific areas of governance and environmental issues.
Meiji Yasuda Life Insurance Company has joined "J.LEAGUE Climate Action Partner" and launched the "Forest to Weave the Future" project with J.LEAGUE, the Japan Professional Football League.
The Insurance Federation of Egypt (IFE) has outlined the role of insurance companies in addressing the risks of plastic pollution.
The Shanghai Insurance Exchange, Internet giant Tencent and the School of Economics and Management of the University of Chinese Academy of Sciences have issued jointly China's first local white paper on green insurance development.
The Pension Fund Regulatory and Development Authority (PFRDA) will allow pension funds to invest in sovereign green bonds, the chairman of the Authority, Mr Deepak Mohanty has said.
Swiss Re Institute (SRI) has identified insurable physical and transformation risks associated with the development of ocean- and freshwater-friendly projects and the protection of critical clean water resources.