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ARTICLE · 14 DECEMBER 2022

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EIOPA Discussion Paper And Conference On Sustainable Financing

Arthur Cox
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EIOPA recently published a discussion paper on the prudential treatment of sustainability risks (link below) and held its sustainable finance conference on 7 December 2022.

IrelandEnvironment
Stephen D'Ardis
Stephen D'Ardis
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EIOPA recently published a discussion paper on the prudential treatment of sustainability risks (link below) and held its sustainable finance conference on 7 December 2022.

Both the discussion paper and the conference emphasise once again the "double materiality" of climate change risks to insurers, i.e. the risks insurers' activities pose to the environment and society and the risks insurers face as a result of climate change. EIOPA acknowledges that the risk-based analysis of the influence of sustainability risks on prudential risks is complex and challenging, particularly due to the inconsistent and developing definitions around ESG-related objectives and factors.

The EIOPA paper and conference focused on 3 key areas:

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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