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Howden at COP29: A historic moment for insurance in climate action
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Insurance at the forefront
At COP29 in Baku, Azerbaijan, our team played a key role in driving the conversation around the crucial role of insurance in achieving a resilient, net-zero future.
We worked closely with partners such as the High-Level Climate Champions, Atlantic Council, and the Boston Consulting Group (BCG) to ensure that insurance is no longer side-lined but seen as a core component of climate action.
As the first COP to put insurance on the global agenda, the event marked a significant milestone in the intersection of climate finance and risk management.
Key highlights from COP29
Our team engaged in over 80 events, underscoring our commitment to advancing the conversation around insurance and climate action.
We co-convened the Marrakech Partnership Implementation Lab on 'The Role of the insurance industry in unlocking capital' where discussion centred around a delivery plan of an Enabling Insurance Breakthrough (EIB) to mobilise insurance, industry and finance in order to catalyse the paradigm shift needed to de-risk and help accelerate the implementation of the 2030 Climate Solutions.
We also hosted a roundtable as part of Climate Action's Sustainable Innovation Forum to explore the challenges, barriers and opportunities facing industries and the insurance sector in unlocking finance, to enable the transition and how we create the necessary momentum to deliver the Climate Solution Roadmap 2030.
Launch of our co-authored Whitepaper "The Great Enabler"
Shifting the paradigm
At the UNFCCC/Business Investment & Philanthropy Climate Platform, Rowan Douglas, CEO of Howden's CRR, stated that we need to take insurance back to the future. History shows that insurance must be a strategic partner to finance, not just an annual procurement exercise.
This reflects the need for insurance to be integrated into the fabric of climate finance, where it can deliver real leverage in mobilising private sector capital. As Rowan emphasised, without a paradigm shift in the global insurance industry, we will not be able to mobilise the necessary levels of climate, nature, and adaptation finance.
A key message from our team at COP29 was the need for greater public-private collaboration. This includes deploying blended finance and blended insurance models to amplify the impact of private sector investments in climate resilience and adaptation.
We believe that insurance plays a crucial role in translating climate science, data, and standards into the language that drives capital deployment - financial capital.
The road ahead
The topic of insurance as a critical enabler of climate finance is now firmly on the global agenda, and Howden is proud to have played a leading role in making this happen.
Stay tuned for more insights and developments as we continue to champion insurance’s role in the fight against climate change.
The Great Enabler: A Collection of Insurance Solutions Powering $10 Trillion of Climate Solutions
Read our joint report with BCG and the High-Level Climate Champions. This report highlights how insurance can enable up to $10 trillion in climate solutions, covering mitigation, adaptation, and nature-based solutions.