Ping An Announces 2020 Climate Risk Management Report
CDP's
Integrating Climate Governance in the Company's Strategy
The report highlighted that Ping An has innovated and standardized its climate risk governance model and integrated it into the group's sustainable development strategy. Ping An established a professional, scientific, and practical ESG governance structure, ensured the fulfillment of board of directors and senior management in supervisory and management roles, clarified division of responsibilities such as goal setting, planning implementation and assessment as well as implemented and established strict adherence to a working mechanism that involves regular reporting, quarterly inspections, semi-annual meetings and annual evaluations. In addition,
Climate change brings risks in various ways along with uncertainties. Ping An has continuously adjusted its development strategies and resource allocation including the formulation of strategies in areas such as sustainable insurance, responsible investment, green financial development strategies and near-zero development to deal with various risks that are possibly brought on by climate change.
Risk identification and management are core and necessary elements for tackling the risks brought on by climate change. Ping An has established its risk identification matrix leveraging its own business operation features considering the dimensions of physical and transformational risks. This matrix has been deeply integrated into Ping An's original "251" risk management system and has been further improved and helped refine the company's risk governance capabilities.
In the report, Ping An also announced the goals and benchmarks for operation and investment under the TCFD framework, which aims to achieve operational carbon neutrality by 2030. This covers all office energy consumption, data center power consumption and travel-related carbon emissions. For investing and financing, Ping An was the first financial institution in
Upgrading the Implementation of Green Finance
In order to achieve the goal of carbon neutrality, Ping An has announced an enhanced operation plan for Green Finance+ in 2021 leveraging the Group's strengths in green insurance, green credit and green insurance to deepen its green finance layout. As of the end of September in 2021, Ping An's green investments have exceeded
As an integrated financial group, investing in green industry development is a key entry point for Ping An to achieve carbon neutrality. Ping An's green equity investment targets technologically advanced enterprises with new technologies and new business models. With a focus on achieving carbon neutrality and promoting technological innovations,
As a pioneer in the field of responsible investment in
Ping An said that tackling climate change is the long-term challenge for humanity while enterprises are responsible for winning the battle of low carbon transformation. The Group will continue to deepen the "Finance +Technology" and "Finance + Ecosystem" strategies, promote high-quality development of various businesses and actively implement the concept of sustainable development. The group will also contribute the power of green finance to build a community with a shared future of mankind.
Read full report here.
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