The Berne Union, also known as the International Union of Credit and Investment Insurers, has announced the launch of a new Climate Working Group (CWG).
The CWG will aim to support the integration of climate action in the export credit, trade finance, and political risk insurance industries.
In a press statement, Berne Union said the CWG will have three initial workstreams:
- Climate products, incentives, and innovation: Documenting innovations in product offerings in the industry.
- Best practice in low-carbon transition: Sharing knowledge of best business practices.
- Policy coherence and alignment: Understanding global policy and how it will impact the industry.
In these areas, the CWG will aim to make available information that will be most useful for the implementation of climate-related goals.
This includes building consensus and publicising best-practice models for implementing solutions.
Finally, where needed, the CWG will build new tools and references for industry use, with a library of resources to support the green transition.
The CWG will be chaired by Leah Gilbert Morris, director of Export Credit Agency and International Relations at Export Development Canada (EDC), and administered by the Berne Union Secretariat.
Berne Union expands scope
As a representative of the global export and investment insurance industry, Berne Union aims to facilitate cross-border trade by supporting international best practices in export credit and foreign investment.
As such, the CWG will aim to complement Berne Union’s existing objectives, with members of the working group reflecting the expertise and interests of the Berne Union network.
The CWG will therefore cover a range of areas, from climate to ESG and sustainability, to risk underwriting and policy, representing export credit agencies, multilateral investment insurers, development institutions, commercial banks, and private insurance companies.
The CWG also includes non-Berne Union members, such as member banks of development financial institutions and the International Chamber of Commerce (ICC).
Michal Ron, president of Berne Union, said: “Achieving transition towards a low-carbon, sustainable international economy on the timescale required to meet the objectives of the Paris Agreement requires a dedicated and proactive effort from all industries and sections of society, globally.
“A number of institutions within the export credit insurance industry have made significant progress towards this, and by leveraging their innovation, we can advance our collective goals more easily.”