The Middle East and North Africa (MENA) region could create 10m new jobs, and accelerate GDP to 7.2% and employment to 5.3% in less than three decades, through strong industrial and climate development policies, according to a study by the International Labour Organization (ILO) and the Islamic Development Bank (IsDB).
The Property & Casualty Insurance Supervision Department of the National Administration of Financial Regulation has issued an exposure draft to steer the growth of green insurance business.
ESG is increasingly being regarded as an important area of risk for business executives globally according to a new survey by specialty insurer Beazley.
AIA Group has published its first Climate Transition Plan, saying that it is the first pan-Asian life and health insurer to have its near-term science-based emissions reduction targets validated by the Science Based Targets initiative (SBTi), a global body enabling businesses to set ambitious emissions reduction targets in line with the latest climate science.
The premiums for electric vehicle (EV) insurance policies for electric cars have declined by about 50%, especially after demand increases for such cars, according to Mr Moh'd Mazhar Hamadeh, chairman of the Motor Committee of the Emirates Insurance Association.
The first comprehensive, quantitative climate assessment for Australia's national energy generation sector has been released by Zurich Financial Services Australia and Mandala Partners.
The Central Bank of Bahrain (CBB) has released Environmental, Social, and Governance (ESG) reporting requirements in line with its commitment to transparency, strong corporate governance, and the pursuit of social and climate-related objectives. The module represents a transformative step towards a more sustainable financial market.
The Chinese authorities have announced the establishment of the Guangdong-Hong Kong-Macau Greater Bay Area Climate Investment and Financing Alliance to provide funding to companies engaged in climate change initiatives.
Data from Net Zero Tracker shows that over 1000 large companies have set net-zero targets, however, only 4% of these commitments meet best-in-class standards set by the UN.
Speakers at the Global Insurance Forum 2023 discussed the impact of climate change and sustainability, addressing 21st century risks including cyber and understanding how social inflation plays a role in the insurance industry. The discussions were focused on efforts to reinstate the fundamental value of insurance as a pillar of the global economy.