What is ClimateWise?
Why do insurers care about climate change? And what does ClimateWise do about it? Find out answers to all these questions with this short overview.
In 2006, leading insurers set out to work together to respond to the myriad risks and opportunities of climate change, aiming to reduce the overall risks faced by economies and societies. The ClimateWise initiative was launched in 2007 to crystallise, and build on, that leadership.
ClimateWise is facilitated by the University of Cambridge Institute for Sustainability Leadership and is the insurance sector leadership group, driven by industry leaders.
Our international membership covers Europe, North America and Southern Africa and all members commit to action, individually and collectively, against the ClimateWise Principles:
- Lead in risk analysis
- Inform public policy making
- Support climate awareness amongst our customers
- Incorporate climate change into our investment strategies
- Reduce the environmental impact of our business
- Report and be accountable
A brief history of the initiative
The ClimateWise Principles were launched in September 2007 by HRH The Prince of Wales, who had previously called on the insurance industry to offer a more pro-active and collaborative effort to help reduce the risk of climate change for us all.
Many months' hard work by an industry working group made up of around 16 organisations resulted in the agreement of the six ClimateWise Principles, representing a truly holistic approach to using all aspects of insurers' core business to help reduce the risk of climate change.
There are over 30 insurance companies and organisations signed up to the ClimateWise Principles, representing an impressive and significant growth in the membership base, and we expect that number to continue to grow.
As an initiative, ClimateWise is run on a not-for-profit basis by the University of Cambridge Institute for Sustainability Leadership (CISL) alongside the many other work streams that CISL delivers to transfer knowledge about sustainability to the business sector. Key governance functions are performed by the ClimateWise Managing Committee, comprising representatives from across the membership base as well as an independent member, Dr Jake Reynolds from CISL.