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ICMIF appointed to board of Climate Bonds Standards

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The International Cooperative and Mutual Insurance Federation (ICMIF), has joined the Climate Bond Standards Board, which works to set standards, monitor, promote and define climate smart investments globally. 

The total universe of ‘climate themed bonds’ currently totals over USD500 billion.
 
Climate Bond Standard & Certification Scheme is a project of the Climate Bonds Initiative, which aims to mobilise capital markets for rapid transition to a low-carbon and climate resilient economy – it is overseen by the board representing over USD24 trillion of assets under management.
 
This announcement comes only a few months after ICMIF’s Chief Executive, Shaun Tarbuck, spoke at the United Nations Climate Summit in New York where he pledged that the insurance industry will double its climate-smart investment by the end of 2015, and by a factor of 10 by 2020.

Tarbuck says: “I am delighted to be nominated to the CBS Board as this is a high level strategically influential group than can help deliver on climate change commitments we have made. The ICMIF Board approved the participation in this initiative at its meeting last month as it believes that the mutual insurance industry has a pivotal role to play in managing the pressing issue of climate risk.”
 
Sean Kidney, CEO of the Climate Bonds Initiative, says: “The commitment by the insurance industry to dramatically increase its climate-smart investments is incredibly important to the financing of climate solutions.  ICMIF’s involvement in the Climate Bond Standards Board will help ensure that the infrastructure for a large and liquid climate bonds and green bonds market is created to suit the needs of investors, speeding the flow of capital to climate solutions.”
 
Shaun Tarbuck of ICMIF, says: “The insurance industry holds one third of the world’s investible assets and the mutual and cooperative sector accounts for almost a third of that which equates to around USD10 trillion. Our sector has been quick to respond to recent calls for leadership from the United Nations in the climate change debate, as by nature our members want to be more accountable and recognise that investment reform is needed to ensure that climate smart investment is core to their strategies as well as to the global economy.”  

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