Insurers are among companies in the financial services sector embracing action towards a finance system that is “aligned with a more resilient, sustainable Australia,” according to a new report from the Australian Sustainable Finance Initiative (ASFI).
Last year, ASFI launched a roadmap that made 37 recommendations to “enable the financial services sector, along with regulators and governments, to strengthen Australia’s financial system with the aim of recovering from the impacts of COVID-19 and delivering a transition to a net zero, resource-efficient and inclusive economy.”
And in its recent report, ASFI found that many stakeholders – including insurers – are reporting significant activity to deliver on their sustainability goals.
“The momentum tracker shows the sector is moving from plans to action, demonstrating the significant activity underway within Australia’s financial services sector to contribute to the delivery on our national goals, including net zero emissions by 2050 and contributing to the sustainable development goals” said Simon O’Connor, co-chair of ASFI.
“From some of the country’s largest super funds to our insurers and banks, the finance sector is keen to play a central role in Australia’s contribution to the Paris Agreement and our national response in the lead up to COP26 this November,” said O’Connor. “We are aiming to establish this permanent ASFI body by mid-2021, and we are now seeking partners and funders to join on this journey.”
