World Economic Forum 2020
Stakeholders for a Cohesive and Sustainable World
Putting our muscle behind the push for net-zero carbon
Swiss Re is putting its muscle behind the push for net-zero carbon. Sustainability – and everything this entails – is at the forefront of our business activities. After all, we can't improve economic efficiency, protect and restore nature's ecosystems and enhance social well-being if societies, governments and individuals remain vulnerable to risk. We have committed to net-zero emissions by 2050 on the asset (investment) and liability (underwriting) side. As a global reinsurer, we can play a vital role in championing action on climate change far beyond our own industry.
The momentum to strengthen the global response to the threat of climate change was evidenced recently in New York. UN Development Programme, Germany, UK and Insurance Development Forum (which includes Swiss Re) announced commitments to increase insurance protection in climate-exposed countries. The new programs to accelerate implementation of risk management solutions to increase adaptation and resilience to climate risks should benefit 500 million individuals.
Improve the state of the world
The cost of achieving a carbon free world is surprisingly modest. The Energy Transitions Commission says full decarbonisation can be accomplished at a cost of only 0.5% of global GDP. While that’s an attractive proposition, it will require assertive policy, ambitious innovation and informed investment to achieve this new paradigm. We cannot afford to get caught up in the headlines and soundbites.
As we gather in Davos, let us take the Forum’s mission to heart: “to improve the state of the world.” The climate challenge can only be tackled if we work together across countries, regions, business sectors and levels of government.