Taskforce on Nature-related Financial Disclosures Debate
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Baroness Northover
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Taskforce on Nature-related Financial Disclosures
Baroness Northover Excerpts(8 months ago)
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Lord Benyon (Con)
I do. At the TNFD’s early adopters moment at the World Economic Forum in Davos in January, 320 institutions from 46 countries publicly confirmed their commitment to adopt the TNFD recommendations. Of those early adopters, 46 were UK- headquartered organisations, which is more than in France, Germany and the United States combined.
Baroness Northover (LD)
ShareAction has reported on insurance companies. The insurance industry is obviously very big here in London, but the report shows that they are very weak across this sector, despite some of the things that they have been saying. Does the noble Lord agree that the insurance industry should be brought into this, and that they need to disclose in the way that other businesses are expected to do?
Lord Benyon (Con)
I entirely agree with the noble Baroness. A sector whose currency is risk should be at the forefront of this. This is about making sure that investments of whatever form are investable, and if an insurance company is not thinking about that, it is way behind the curve. This will not just be imposed on them; they would need to do it even if we were not pushing it, and insurance companies are key.