Ensuring sustainable future – everyone plays a part
The Summer of 2021 has been marked by extreme heat in Canada or Greece, and extreme rain in Germany or China.?Is 2021 then another unusual year??The @IPCC’s latest climate change report published last week is not tentative anymore about climate risk – it is a stark warning [IPCC_AR6_WGI_SPM.pdf].?
Environmental, Social and Governance (ESG) metrics and initiatives are an increasing focus for organisations, with key stakeholders – investors (/regulators), customers and employees – looking to scrutinise positive action being taken to help mitigate climate change impact. We’re now seeing the rise (and latest CXO role) of the Chief Sustainability Officer who are required to develop a working strategy with salient and tangible KPIs, that ultimately could well become a competitive differentiator when looking to attract Investors and socially conscious Customers and employees.
As an (insurance) industry we are very much at the front line when dealing with the impact of climate change and managing risks going forward. Indeed myself and Chris Carney have been on a fascinating journey recently via CGI’s Space, Defence & Intelligence team who monitor the impact across the landscape of risks – Agriculture; Aquaculture; Marine and Property – with an ever (rapidly) changing frequency of losses and new exposures. An example of this is working with European Space Agency to help utilise Earth Observation #EOaaS – leveraging #AI algorithms - to map the increasing number of global wildfires European Space Agency selects CGI to develop services combining Artificial Intelligence and Earth Observation for Wildfire Mapping | CGI.com
Ahead of COP26 hosted in Glasgow in November this year, it is important businesses place climate action at the top of the agenda and set science based Net Zero targets….
With this in mind, thought I would ask a few questions …
????Does, and should, the #insurance industry play a role in charting a more sustainable future??
According to Bruce Carnegie-Brown, who recently launched a Lloyd’s of London report – “Insuring a Sustainable, Greener Future” [https://www.dhirubhai.net/feed/update/urn:li:activity:6826397803409928192/], we have a critical role to play.?According to the Lloyd’s Chairman it is about supporting insurance customers as they transition their business models towards a low carbon future.
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????Does your organisation play a part??
As part of our Net Zero journey, CGI UK has committed to set Science Based Targets (SBTs) and is a signatory of the Race to Zero campaign. Our employees (whom we call members) have been instrumental in driving and guiding our approach on sustainability, through our #NoPlanetB member initiative within our business.
Externally, we deliver a robust set of environmental and energy solutions for our clients, for example our own IP ‘Ratabase’, CGI’s insurance rating engine which now has the capability to include a broad range of climate and environmental rating factors to help underwriters incorporate climate risks in their underwriting and pricing decision making.
????So the final question, do you and I play a role in creating a sustainable future??
We all play a part in creating a sustainable future. Within the Wishman family we try to do our bit.?From recycling to eating less meat (not an easy one for me!), I’ve even recently started to collect rubbish (plastic bottles mainly) whilst out at sea paddle-boarding; as a family we participate in local beach cleaning which I’m proud to say my Daughter was pictured in a Sunday National doing her bit for the environment
What part do you play?
Executive Chairman of InsTech
3 年Well done Paul Wishman. Good points well made. My observation would be that everyone is looking to everyone else to take the lead and provide some pointers on what they need to do. Most want to talk about ESG and recognise they have a responsibility, but the first question we are asked is what is everyone else doing? As you say in this piece, companies need to take individual responsibility and not wait for others to show the way
Managing Director of Advisory at Bubblegum Consulting
3 年Hi Paul, great article and super that CGI are leading these initiatives. We all have a responsibility and potential role here and can make a difference, particularly within the Insurance industry where we can reach out to millions and spread the news. A lot of talk in some quarters, yet little action so it’s good CGI are making the investments that truly benefit everyone. If we can share the awareness further through your work, and at the same time provide an opportunity for people to become involved this is a good outcome for us all. Munge
Global Head of Asset Monitoring - Gentari (Petronas)
3 年Great post Paul. It is great to see CGI gaining capabilities around #ESG and #Sustainability. We all have a role to play.
Founder of Daring Works. Empowering people, planet & profit. Harmonising savvy business with soulful sustainability. Comprehensivist. Coach. B Corp Leader. Co-Chair 'B Local' Hampshire & Dorset.
3 年I agree Paul, I hope you’re well. Embedding this in to business DNA is definitely the key to creating credible and authentic change which benefits people, planet and profit.
Health and Performance Coach for Executive Men. Over 6 years of coaching experience and over 400 lives transformed.
3 年Great share