Addressing the recent Association of British Insurers Climate Change Summit, His Royal Highness The Prince of Wales emphasised the role of the insurance market in creating a more sustainable future. The conference also pushed for further support from government to reach its net-zero targets.

Prince Charles said: “The insurance industry has a fundamental role to play through its understanding of physical and transition risks, and its ability to provide a financial safety net to empower brave climate action and innovation. The power of greener pensions is also now better understood.”

He added: “I can only call on every individual and every firm in this sector to take action in the four areas set out in the ABI’s own excellent roadmap.”

The ABI called on government to support the insurance industry in five areas and asked it to strengthen the industry’s role as key investors in Net Zero infrastructure and let it put more capital into green investments.

To publish a strategy for delivering the required investment in reducing carbon emissions in homes and commercial buildings.

To improve the planning system to ensure Net Zero alignment, including by reducing development in high flood risk areas and ensuring new homes are resilient to climate risk.

To ensure all sectors produce consistent and quality data on carbon emissions.

To put the protection of the natural environment and our ecosystems into climate change policies.

Hannah Gurga, director general at the ABI, said: “We have made significant progress on the transition to Net Zero and it’s good to see so many of our firms sign up to the UN’s ‘Race to Zero’ campaign. However, we need to continue to focus our efforts on this greatest challenge and collaborative working across the industry, and with Government and regulators, will be key.”

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