ABI welcomes climate change accord

The ABI welcomed the climate change agreement reached in Paris, and called for “meaningful action around the world” to tackle global warming.

Over the weekend, a deal to try to limit the rise in global temperatures to less than 2C was agreed at the UN climate conference of parties (COP) after two weeks of intense negotiations.

The pact is the first to commit all countries to cut carbon emissions. The agreement is partly legally binding and partly voluntary.

Ahead of the talks, UK insurance chief executives had called on world leaders to aim for a temperature rise of no more than 2C, said the ABI’s head of strategy Matt Cullen.

”To have a deal emerging which commits to this, but also sets an ambition of just 1.5 degrees, is a great achievement for international cooperation. This historic deal now needs to be ratified, and to result in meaningful action around the world,” he said.

 “The increased frequency and severity of major weather events means insurers are at the forefront of witnessing the real impacts of climate change,” Cullen added.

”Storm Desmond is a stark reminder of this, and insurers’ role to help people be resilient to climate impacts. Insurers also have a critical role to play in helping to support the transition to a low carbon world through sustainable investments and through insuring renewable energy and energy efficient homes. Insurers are already pursuing policies with an aim of reducing climate impact and they will do much more, alongside governments and other industries.”