Nov 28, 2023

How Transition Finance Underpins Our Net Zero Future

How Transition Finance Underpins Our Net Zero Future

Supported by Dubai Financial Services Authority (DFSA) and Dubai International Financial Centre (DIFC), SIF hosted a #COP28 side event, ‘How Transition Finance Underpins Our Net Zero Future’ where leaders from public and private sectors delved into financial solutions, products and architecture required to support the meeting of net zero targets, while maintaining social and economic balance.

During the first panel discussion ‘CLIMATE CHANGE & ADAPTATION: The Role of Transition Finance,’ our expert speakers navigated the regulatory landscape and policymakers’ responsibilities in steering the insurance industry towards sustainable practices.

The panel featured distinguished speakers, including HE Jennifer Carroll MacNeill TD, Minister of State, Department of Finance Ireland; Mr. Hiroshi OTA, Fellow, Sustainability Office, Dai-ichi Life Holdings, Inc.; Mr. Ian Johnston, Chief Executive, Dubai Financial Services Authority (DFSA); and Mr. Ricardo Lara, Commissioner, California Department of Insurance. The discussion explored the crucial role of the insurance industry in addressing the challenges posed by climate change and was moderated by Ms. Rebekah Clement, Corporate Affairs Director at Lloyd’s of London.

The second panel discussion ‘TRANSITION PLANS: Role of Regulators and Financial Institutions,’ was moderated by Mr. Stephen Nolan, Managing Director of UNDP Financial Centres for Sustainability (FC4S) and Head of Secretariat SIF. The distinguished panellists included: Mr. Daniel Wang, Chair of #SIF and Executive Director, Insurance Department, Monetary Authority of Singapore (MAS); Dr. Colin Hunt, Chief Executive Officer, AIB Group and Ms. Claudine Blamey, Group Director of Sustainability, Aviva. Delving into transition planning, the discussion highlighted the issuance of guidelines aiming for consistency across financial institutions. The speakers underscored the pressing need for robust transition planning to effectively manage environmental risks. The panel also emphasized the role of regulators in establishing a standardized transition planning framework.