ICMIF and members join call for policymakers and Governments to ‘Turn Talk into Action’ at COP26

3 November 2021

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This week (2 November 2021), UK-based insurer Aviva has placed a one-page advertorial in the Financial Times (FT) which challenges policymakers and Governments to ‘Turn Talk into Action’ at COP26. Thanks to ICMIF’s collaboration with Aviva Investors (a Supporting Member of ICMIF) and also the Federation’s involvement with the International Panel for Climate Finance (IPCF) which is hosted by Aviva Investors, ICMIF and two of its members, Gruppo Unipol (Italy) and Royal London (UK) are included in the piece.

The advertorial in the FT highlights the core asks of the IPCF which is the alignment of International Financial Architecture with a smooth and just transition to net-zero.

The advertorial leads with the headline that climate change is the biggest market failure in history. The message to governments of the G20, members of the OECD, and all at COP26 in Glasgow is that Governments must correct these market failures and create net-zero incentives that shift capital at scale and at speed.

The specific actions called for in the article are:

  1. Make polluters pay the full cost of their emissions through a meaningful carbon price. This will incentivise companies to transition to sustainable, net-zero aligned business models.
  2. Provide regulatory certainty and get all parts of the financial system working together – create a Global Finance Transition Strategy that includes updating the International Financial Architecture to govern finance to support a smooth and just transition.
  3. Mobilise finance for sustainable development by creating an International Platform for Climate Finance, to provide technical assistance to developing nations, and match countries’ investment needs with investment appetite from financial institutions.
  4. Ensure that the Global Stocktake of progress towards the Paris Agreement includes private as well as public finance, and reports on the progress of aligning the International Financial Architecture with the Paris Agreement.

Harnessing the power of financial markets to deliver a smooth and just transition to net zero is crucial to achieving the Paris Agreement is a key focus of the article. ICMIF CEO Shaun Tarbuck says ICMIF stands ready to help.

ICMIF has been part of the International Panel for Climate Finance (IPCF) since it was formed in 2020. The IPCF is a coalition of around 40 organisations that meets regularly and has the support of both Mark Carney, Finance Advisor to the British Prime Minister and Nigel Topping, the UK Government’s High Level Champion for Climate Action at COP26. The aim of the IPCF is to provide technical assistance to countries creating NDC capital raising plans and to provide a climate finance “bridge” to bring together those investment needs with private financial institutions’ investment appetite.

For member-only strategic content on the cooperative/mutual insurance sector, ICMIF members have exclusive access to a range of online resources through the ICMIF Knowledge Hub.

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