Technology key to ESG reporting in business: Ping An Co-CEO – Reinsurance News

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On a recent podcast of the United Nations Environment Programme Finance Initiative, Jessica Tan, Co-CEO of Ping An Insurance Company of China, discussed how technology is a key enabler for robust environmental, social and governance (ESG) reporting in business.

“Simply put, (ESG) is important for our clients, and it’s important, therefore, for our business and increasingly important for our employees,” stressed Tan.

Large Chinese insurer Ping An has been focused on building a robust internal ESG reporting process for the past five years, and in 2021, the carrier announced its commitment to expand green finance and its goal to achieve carbon neutrality in its operations by 2030.

Last year, Ping An’s responsible investment and financing grew 47% year-on-year, including green investment and financing of more than RMB282.3 billion.

Additionally, responsible banking grew 124% year-over-year, including green banking of RMB182.9 billion. Sustainable insurance premiums also increased 4.6% in 2022 when compared with the previous year, including green insurance premium income, which exceeded RMB25.1 billion.

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Importantly, the Group also saw a 23% decrease year-on-year in carbon emissions in its operations and shared its roadmap to achieve carbon neutrality through energy conservation measures and the purchase and generation of green power.

The firm has also accelerated efforts for corporate and retail clients through innovative environmental initiatives, and also looks to drive social responsibility via programs.

In light of these efforts, Tan highlighted the important role technology plays at the company.

“Ping An has been a leader in technology innovation to scale up its ESG performance, working with regulators and the market to make reporting on environmental, social and corporate governance (ESG) factors transparent, with consistent standards,” said Tan.

“ESG reporting should be transparent and audited, like financial statements, and it should be easy to automate reporting,” added Tan.

Ping An launched its artificial intelligence-based CN-ESG Smart Evaluation System in 2021 in order to drive responsible investment in China, which is based on its internal reporting experience.

Impressively, it covers more than 5,000 A-share listed companies in China and more than 2,500 Hong Kong listed companies, and evaluates over 5,000 corporate credit bond issuers and green elements of 58,000 bonds, and 140 fund management companies.

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