Describe the process(es) your organization has in place to ensure that your engagement activities are consistent with your overall climate change strategy[…]Yes. Where appropriate, we will work directly with government to secure policy and regulatory frameworks which can drive the investment needed in net zero products, services, and sectors. The world needs to support the principles of the Paris Agreement and the goal to hold global warming below 2.0°C compared to pre-industrial levels and to pursue efforts towards limiting it to 1.5°C. It is estimated that around £2.7 trillion of investment will be required over the next 15 years to meet the UK's net-zero commitment.
The insurance industry has the potential to finance up to a third of this. Sustainable policy reform is needed to incentivise the private sector to invest in low carbon innovation and technologies. There is a moral and financial imperative to act – to maximise opportunity and minimise risk for all stakeholders. Phoenix is committed to action, and we will engage to multiply our impact. We will advocate for the implementation of climate and energy policy and regulation to help unlock investment at scale.