UN launches forum for insurance transition to net zero, emphasizing collaborative approach

In response to the closure of the Net-Zero Insurance Alliance (NZIA) and amid calls for stronger climate action, the United Nations has introduced the Forum for Insurance Transition to Net Zero (FIT), signaling a renewed commitment to addressing climate change within the insurance industry.

Butch Bacani, chairman of the FIT, underscores the organization’s emphasis on collaboration, describing it as “an even safer space for complementary efforts on climate action” compared to its predecessor. Bacani, who heads insurance for the UN Environment Programme Finance Initiative, highlights the FIT’s broader scope and diverse membership as key factors in fostering a conducive environment for accelerating net-zero initiatives.