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Materials for PRI Presentation All audio will be muted upon entry Welcome to the Prior to speaking, unmute both Webex and your cell phone Climate & If you have joined by phone, to mute and unmute Resilience your line, press*6 (EX) Task Enter with video on or off (your choice) Force: Use the “Chat” feature for questions, comments or assistance from moderators Climate For any technical challenges please contact the NAIC Disclosure Technical Support Team at Workstream3 [email protected] or 866-874-4905 The meeting is being recorded Task Force members, please post in Chat that you are present Date: 2/1/21 Virtual Meeting CLIMATE AND RESILIENCY (EX) TASK FORCE CLIMATE RISK DISCLOSURE WORKSTREAM Wednesday, February 3, 2020 2:00 – 3:15 p.m. ET / 1:00 – 2:15 p.m. CT / 12:00 – 1:15 p.m. MT / 11:00 a.m. – 12:15 p.m. PT ROLL CALL Andrew R. Stolfi, Vice Chair Oregon Linda A. Lacewell New York Grace Arnold Minnesota Mike Kreidler Washington NAIC Support Staff: Anne Obersteadt/Jennifer Gardner AGENDA 1. Hear a Presentation on Principles for Responsible Investment’s Climate Reporting Framework Attachments A-B —Christine Pishko and Ed Baker (Principles for Responsible Investment—PRI) 2. Hear a Presentation on the CDP’s Climate Disclosures and Related Analytics. Attachment C —Simon Fischweicher and Emily Kreps (CDP, North America) 3. Discuss Any Other Matters—Commissioner Andrew R. Stolfi (OR) 4. Adjournment w:\national meetings\2021\spring\tf\climate\climate risk disclosure\2-3 Climate Risk Disclosure Agenda.docx © 2021 National Association of Insurance Commissioners 1 Hear a Presentation on PRI's Climate Reporting Framework —Christine Pishko and Ed Baker (Principles for Responsible Investment—PRI) CLIMATE & RESILIENCE (EX) TASK FORCE: DISCLOURE WORKSTREAM PRI climate reporting framework Ed Baker, Technical Head, Climate and the Energy Transition - RESPONSIBLE INVESTMENT - AT A GLANCE Launched in April 2006 at the NYSE, the Principles for Responsible Investment has: 2 3684 101 6 2 Better information is the key to an efficient market response “The more we invest with foresight, the less we will regret in hindsight” Mark Carney, Governor of the Bank of England and Chair of the FSB 3 Taskforce on Climate-related Financial Disclosures (TCFD) 4 What are the PRI climate risk indicators? Introduced in January 2018 ▪ 23 open and closed indicator questions. ▪ Voluntary in 2018 & 2019. Responses can be public or private ▪ Intended to complement NOT replace TCFD reporting ▪ Governance & strategy indicator questions to become mandatory to report – but still voluntary to disclose - for 2,099 investors in Q1 2020 5 Investor climate reporting in 2020 Introduced in January 2018 6 Country level reporting Leaders are Nordics and some continental Europe - Finland (41%), Denmark (39%), Norway and France (29%), Sweden (27%). In contrast, Asia and Africa trail. Other regions are close to the global average of 20%. 7 Reporting against TCFD recommendations to the PRI (2020) Caveat: Reporting against the recommendations does not imply meeting them. Most recommendations (apart from Risk Management A) provide details to an affirmative response, but PRI has not conducted any analysis of the content of those responses apart from excluding trivial answers. Note: responses must be non-trivial – 5+ words for each recommendation except for Metrics, where purpose must be 4+ characters and methodology 3+ characters. Recommendations Strategy B and Risk Management B have no corresponding PRI question. Sample size: 444 (AO), 1655 (IM) unless for board oversight – 417 (AO), 1146 (IM) – and senior management role – 409 (AO), 1574 (IM) because some signatories do not have those roles. 8 Reporting against TCFD recommendations to the PRI (2020) 9 Staircase analysis of the quality of reporting Grouping signatories’ responses over four categories STRATEGIC (41) Public response. Publicly supports RESPONSIBLE TCFD, & board (142) approved Public response. Has implementation done scenario plan, & considers analysis, and short and long term BUILDING CAPACITY describes results (374) climate risks, & AWARE published climate (1546) Private response. targets Private response to Has done scenario climate indicators analysis Users of PRI data Financial Stability Board TCFD status report 11 Use of scenario analysis ▪ PRI climate indicators revised as part of the new reporting framework. ▪ 19 indicator questions: ➢ 7 indicator questions in CORE ➢ 12 in PLUS. ▪ Still anchored around the TCFD 11 recommendations Sample indicator question – Governance A: board oversight Sample indicator question – transition risk metrics Sample indicator question – physical risk metrics SUMMARY ▪ Mandatory reporting led to 3.5x increase in investor reporting in 2020 ▪ Yet only 20% opted to make response public and even fewer that have implemented the TCFD in full ▪ PRI climate snapshot will be published early July - Aggregate analysis -investor climate reports 16 Thank you 17 U.S. INSURANCE SIGNATORIES & THEIR AFFILIATES General Accounts HQ Signatory Investment Affiliates examples – not HQ Signatory Country Date complete Country Date Reinsurance Group of America, Inc. U.S. 2/22/2019 New York Life Group U.S. Ausbil Aust. 2/12/2016 Liberty Mutual U.S. 12/4/2020 Candriam Luxemb. 6/26/2006 Goldpoint U.S. 5/29/2019 CNO U.S. 12/10/2020 IndexIQ U.S. 10/30/2019 January MacKay Shields U.S. 8/19/2016 New applicant U.S. 2021 Madison Capital Funding U.S. 6/14/2019 NYL Investors U.S. 5/28/2020 Prudential U.S. PGIM Fixed Income U.S. 2/10/2015 PGIM Real Estate U.S. 10/1/2009 Met Life U.S. Met Life Investment Management U.S. 3/22/2019 TIAA U.S. Nuveen U.S. 12/18/2018 Hartford U.S. Hartford Funds U.S. 4/30/2015 MassMutual U.S. Barings U.S. 1/2/2014 Principal U.S. Principal Global Investors U.S. 12/8/2010 18 Q&A CLIMATE & RESILIENCE (EX) TASK FORCE: DISCLOURE WORKSTREAM Hear a Presentation on CDP's Climate Disclosures and Related Analytics —Simon Fischweicher and Emily Kreps (CDP, North America) CLIMATE & RESILIENCE (EX) TASK FORCE: DISCLOURE WORKSTREAM Presentation for National Association of Insurance Commissioners Climate and Resiliency (EX) Task Force February 3, 2021 Agenda Introductions Overview of CDP CDP Data in the Market Alignment and integration Process and questionnaires Insurance sector participation Q&A 2 Introducing the CDP Team Emily Kreps Simon Fischweicher Richard Freund Head of Corporations and Manager, Capital Markets Global Director, Capital Markets Supply Chains, North America 3 ABOUT CDP CDP is a global environmental impact non-profit working to secure a thriving economy that works for people and planet. CDP runs the global disclosure system that enables companies, cities, states and regions to measure and manage their environmental impacts. With the world’s most comprehensive collection of self reported data, the world’s economy looks to CDP as the gold standard of environmental reporting. Its network of investors, purchasers and policymakers around the globe, use our data and insights to make better-informed decisions. 4 How CDP Works Investors, purchasing and policy makers companies use CDP data and insights to make informed decisions around investment and engagement, and drive action. INVESTORS, COMPANIES, COMPANIES, Request SUPPLIERS, Measure POLICY MAKERS environmental CITIES & REGIONS their impact information to improve through CDP performance Companies take action to tackle climate change, safeguard water resources and prevent the destruction of forests. Companies, suppliers, cities and regions provide data on environmental impacts, risks, opportunities, investments and strategies. 5 BY THE NUMBERS 590+ investors with US$110 trillion in assets 140+ supply chain members with over US$3 trillion in purchasing power 9,600+ companies responded through CDP 75% of the S&P 500 disclosed in 2020 800+ cities, states and regions disclosed environmental information 6 CDP Environmental Data is the Key Across the financial markets, policy initiatives and civil society 7 CDP data across the financial community Pension funds Passive equity managers Broker dealers -engagement -proxy voting -buy/sell recommendations -shareholder resolutions -meetings with company management -sector analysis e.g.: CalSTRS, CPPIB e.g.: BlackRock, State Street e.g.: GS Sustain Active equity managers Data providers -stock selection -ESG data within financial databases -proxy voting and company meetings e.g.: Legg Mason, Neuberger Berman e.g.: Bloomberg SRI funds Third party research -screening equity universes -research and ESG ratings -carbon sensitivity of portfolios -environmental risk analysis e.g.: Calvert, Domini, Rockefeller e.g.: MSCI, Trucost Investment advisors Index providers Academia -risk models -carbon efficient equity indices -studies on “non-financial” reporting -country/sector/company analysis -carbon efficient bond indices -correlation analysis e.g.: First Affirmative e.g.: Euronext, Stoxx … e.g.: Harvard Business School Page 8 Broad Data for the Capital Markets Raw Data, Analytics and Insights Uniform and comparable data Individual Company Responses CDP Scores Modelled GHG Emissions Dataset 9 Our Current Scope: Institutional Investors 18 Insurance sector participation in CDP investor request 35 insurance providers worldwide with 4.825 trillion USD in assets Insurance providers joining CDP’s 2021 Investor Request Allianz Group Gjensidige Forsikring ASA Pool Re Insurance Sumitomo Life Insurance Company American International Group, Inc. Industrial Alliance Insurance and Provinzial Rheinland Holding Swiss Re (AIG) Financial Services
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