General Insurance Article - ABI confirmed as Accelerator of UNs Race to Zero campaign

The Association of British Insurers (ABI) has been confirmed as an official ‘Accelerator’ of the UN-backed ‘Race to Zero’ campaign.

 ‘Race To Zero’ is a global campaign to rally leadership and support from businesses, cities, regions, universities and investors for a healthy, resilient, zero carbon recovery that prevents future threats, creates decent jobs and unlocks inclusive, sustainable growth.

 As an Accelerator, the ABI will support its members to sign up to the ‘Race to Zero’ by joining the campaign’s relevant partner initiative and helping to raise awareness of the campaign. Many leading ABI members are already accredited and actively leading efforts across the financial system to drive progress. By signing up to the ‘Race to Zero’ campaign, firms commit to robust science-aligned criteria including pledging to contribute their fair share of halving emissions by 2030 and to reach net zero as soon as possible or by 2050 at the latest, in line with global efforts to limit warming to 1.5c. They also commit to publicly reporting on progress against interim and long-term targets.

 It forms part of the ABI’s commitment to working collectively with members and the industry to tackle this greatest challenge facing our planet. Last year, the ABI published the Climate Change Roadmap which sets out an ambitious response to the fight against climate change, including a 50% reduction in carbon emissions by 2030.

 Nigel Topping, High Level Champion for Climate Action, says: "Our campaign Accelerators are critical to winning the Race to Zero and so we are delighted to welcome the Association of British Insurers to our Accelerator cohort. COP26 marked the starting line; now, the race is on to rapidly reduce emissions and reach a resilient net-zero world in time.”

 Ben Wilson, ABI Director of Corporate Affairs and Climate Change, says: “The new report from the Intergovernmental Panel on Climate Change provided humanity with a stark warning that immediate and rapid action is needed to tackle the climate breakdown. The race is on, and our industry has a key role in ensuring we all have a liveable and sustainable future.

 “The insurance and long-term savings sector is committed to playing its part and we’re delighted to have been confirmed as an Accelerator of the UN’s Race to Zero campaign. We look forward to working further with the UN and our members as we rise to the challenge of meeting net zero targets.” 

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