Smart Risk Investing (SRI)
|Name of initiative||Smart Risk Investing|
|Secretariat|| Led by the International Cooperative and Mutual Insurance Federation (ICMIF) and the International Insurance Society (IIS)
Shaun Tarbuck was CEO for ICMF
|Name of lead organisation||International Cooperative and Mutual Insurance Federation (ICMIF)|
|Type of lead organisation||Corporate|
|Location/Nationality of lead organisation||United Kingdom|
|Description|| The global insurance industry, which currently accounts for a third of the world’s investment capital, yesterday (23 September, 2014) took centre stage at the UN Climate Summit in New York. Pledging a rise in its climate-smart investments - from $42 billion to $84 billion by end of 2015 – the insurance industry is set to transform its mainstream asset management by placing a more emphasis on climate risk.
For the first time ever, the International Cooperative and Mutual Insurance Federation (ICMIF) and the International Insurance Society (IIS), spoke as one voice at the UN Secretary-General’s Climate Summit.
|Objectives|| 1. Create and monitor a Climate Risk Investment Framework that will become accountable under the new UN Hyogo Framework for its adoption across the insurance industry, which will impact significantly climate and disaster risk reduction and resilience.
2. Commit to doubling the industry investment in climate-smart investments from the current $42 billion to $84 billion by end of 2015 3. Beyond the UN’s Framework Convention on Climate Change in Paris (November 2015) the industry will further commit to increasing the amount invested in climate-smart investments to ten times the current amount by 2020.
|One or two success stories achieved|
Monitoring and Impacts
|Function of initiative||Capacity building, Funding|
|Activity of initiative||Financing, Training and education|
|Comments on indicators and goals|
|How will goals be achieved|
|Have you changed or strenghtened your goals|
|Progress towards the goals|| The climate smart initiative completed its year one objective of doubling the amount invested in climate related investments from $42 billion to $84 billion. In fact it achieved $116 billion.
The project had been solely funded by ICMIF. In 2016 the funding ran out and no further support was forthcoming so the project achieved its first goal only and not the long term goal.
|How are you tracking progress of your initiative|
|Companies||1||the International Insurance Society - IIS (United Kingdom).|
|Research and educational organisations||0|
|Regional / state / county actors||0|
|City / municipal actors||0|
|Other members||1||International Cooperative and Mutual Insurance Federation - ICMIF (United Kingdom).|
|Number of members in the years|| |
|Have only national states as participators||No|
|Transport||Agriculture||Forestry||Business||Financial institutions||Buildings||Industry||Waste||Cities and subnational governments||Short Term Pollutants||International maritime transport||Energy Supply||Fluorinated gases||Energy efficiency||Renewable energy||Supply chain emission reductions||Adaptation||Other||Resilience||Innovation||Energy Access and Efficiency||Private Finance|
Not only have national states as participators