China Pacific Insurance Releases 2022 Climate Change Report

China Pacific Insurance Releases 2022 Climate Change Report

On February 25, China Pacific Insurance officially released the “2022 Climate Change Report” at the Greater Bay Area ESG Investment Forum. This is the first time that CPIC has publicly released a special report on climate change on the basis of a comprehensive review of its climate change management system and practical results.

In recent years, with the frequent occurrence of extreme weather events and the intensification of global climate risks, tackling climate change has become a global consensus. In January 2023, the World Economic Forum released the “Global Risks Report 2023”, stating thatclimateaction failed” isThe most serious long-term risks facing the world. As an economic “shock absorber” and a social “stabilizer”, the insurance industry plays an important role in addressing climate risks and promoting low-carbon transformation of society.

The report released by China Pacific Insurance is benchmarked against the proposed framework of the G20 Financial Stability Committee’s Task Force on Climate-related Financial Disclosure (TCFD) and the People’s Bank of China’s Guidelines on Environmental Information Disclosure for Financial Institutions. The four dimensions of governance, climate strategy, climate risk management and response, and climate action summarize China Pacific Insurance’s exploration and contribution in addressing climate change and helping society’s green and low-carbon transformation.

“China Pacific Insurance 2022 Climate Change Report”

  Consolidate the foundation of governance and improve management capabilities

Improving the governance structure and governance capacity building is an important basis for ensuring the effectiveness of climate change efforts. China Pacific Insurance has established a complete ESG governance structure of “board of directors-management-executive layer”, which provides management and organizational guarantee for the implementation of climate change work requirements. China Pacific Insurance conducts in-depth exchanges and communications with external institutions such as the United Nations Principles for Responsible Investment (UN PRI), the United Nations Principles for Sustainable Insurance (UN PSI), ESG rating agencies, ESG research institutions, strategic cooperative enterprises, and learn from domestic and foreign leading companies. Practice and experience to continuously improve climate governance capabilities.

  Improve top-level design and strengthen strategic traction

Addressing climate change is a long-term and arduous task that requires forward-looking strategic and planning guidance. China Pacific Insurance (Group) Co., Ltd. promotes the work of addressing climate change from a strategic perspective, conducts in-depth research on climate policies and market trends, and forms a systematic climate change response strategy and action plan. Plan (2023-2025), which clarifies the climate strategic goals and implementation paths. China Pacific Insurance will be guided by the implementation of the national dual-carbon strategy, give full play to the professional functions of insurance, and promote the realization of green and low-carbon transformation of the economy and society. Mitigate the impact of climate change and enhance the ability to adapt to climate change. Promote the upstream and downstream of the industrial chain to improve climate resilience, and strive to become a leader in sustainable development of the industry.

  Supported by scientific and technological research, strengthen risk management and control

Climate change poses serious challenges for insurers. Extreme weather such as typhoons and heavy rains will cause an increase in the amount of compensation paid by insurance companies. At the same time, in order to cope with climate change, regulatory authorities will introduce stricter environmental protection policies such as carbon emission reduction, which will also have a profound impact on the operation and development of enterprises.

In order to actively respond to climate change, China Pacific Insurance continues to improve its risk management system, deepen the application of science and technology, strengthen climate-related research, and continuously improve its ability to respond to climate risks.In terms of climate risk management,China Pacific Insurance promotes the integration of ESG risks into the comprehensive risk management system, and regularly monitors relevant underwriting data in areas vulnerable to climate technology applicationsindependently researched and developed an intelligent risk control platform “Risk Radar” suitable for 11 types of natural disasters such as typhoons, rainstorms, lightning, hail, and snow disasters. risk map.In terms of climate research,China Pacific Insurance and Fudan University jointly released a white paper on green insurance, carried out in-depth research on the impact of climate change on agricultural insurance, and actively participated in the construction of local green financial governance capabilities and institutional systems.

  Give full play to professional ability and promote green development

China Pacific Insurance integrates climate change response into the company’s management and operation practices, strengthens the innovation of green financial products and services, and forms a series of typical cases in the fields of green insurance, green investment, green operation, green advocacy and public welfare.In terms of green insurance,Actively play the risk management function of the insurance industry, and continue to advance in supporting green and low-carbon transformation of energy, reducing pollution and reducing carbon, climate insurance, ecological carbon sink insurance, and carbon asset insurance. In 2022, the insured amount of clean energy will exceed 1.2 trillion Disaster insurance exceeded 700 billion. The supply of green insurance products has been continuously enriched, and products such as wetland carbon sink ecological value insurance, grassland carbon sink remote sensing index insurance, carbon asset loss insurance, and carbon emission quota pledge loan guarantee insurance have been innovatively launched, achieving a series of first orders in the industry.In terms of green investment,Directly participate in the investment and construction of green projects through debt investment plans, equity investment plans, asset support plans, and industrial funds. In 2022, green investment will exceed 150 billion yuan.In terms of green operationPromote green workplace management and office methods, and build green data centers and green retirement communities. In recent years, the PUE values ​​​​of the three data centers of China Pacific Insurance Tianlin, Chengdu, and Luojing have all declined in varying degrees.In terms of green advocacy and public welfare,The third phase of the Sanjiangyuan public welfare forest construction has been completed successively, with a total of more than 2,000 mu of forest planted and nearly 120,000 trees planted. Introduced the Carbon Inclusive Action Plan at the fifth CIIE to offset about 3,300 tons of carbon emissions. The “Carbon Insurer” platform was released to encourage employees to fulfill their low-carbon and environmental protection responsibilities starting from office scenarios such as office work, business travel, and procurement.

Accumulating steps and even thousands of miles, converging streams to form rivers and seas. The release of China Pacific Insurance’s first “Report on Climate Change” is a comprehensive display to all stakeholders in the society, and it also expresses its determination and commitment to the future. In the future, China Pacific Insurance will continue to strengthen its ability to respond to climate change, work with customers to improve climate risk management, promote low-carbon transformation of industrial structure, and strengthen international exchanges and cooperation to contribute to global low-carbon green development.

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