There may be reputational risks associated with signing the Principles and then failing to take any action at all, but implementing the Principles is generally a work in progress and a direction to head in, rather than a prescriptive checklist with which to comply. A signatory may choose to consider other actions, taking into account its business model, circumstances across geographies and other factors. The possible actions under each Principle are only examples.
Thereafter, UNEP FI produced the final Principles.Ī signatory is free to decide which actions it deems appropriate to implement the Principles. The meetings engaged over 500 senior representatives from the insurance industry, government and regulators, intergovernmental and non-governmental organisations, business and industry associations, academia and the scientific community. In 2011, UNEP FI convened consultation meetings in Africa, Asia, Europe, Latin America and the Caribbean, Middle East and North Africa, North America, and Oceania to obtain global input on the draft Principles. The development of the Principles was overseen and managed by UNEP FI insurance industry member and observer institutions and the UNEP FI Secretariat (‘UNEP FI’).2 From late 2009 to early 2011, UNEP FI undertook an extensive process of in-depth deliberations to produce draft Principles. The research focused on risks and opportunities in the insurance business associated with ESG issues.1
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The initiative to develop the Principles started after UNEP FI conducted a series of research studies from 2006 to 2009.
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