California Insurance Commissioner to attend World Climate Conference in Paris
News: 2015 Press Release
PARIS - California Insurance Commissioner Dave Jones will join global leaders addressing the threat of climate change at the 21st United Nations Climate Change Conference of the Parties (COP21) in Paris. As the regulator of the sixth largest insurance market in the world and largest in the United States, Jones has been a national and international leader with regard to how insurers address climate risk in their business operations, reserving and underwriting. Jones strongly supports reducing carbon emissions and reliance on carbon based fuels and increasing investment, including insurers' investment, in alternative green energy sources.
"I am pleased to join Governor Jerry Brown and other California leaders in the public and private sector at the UN Climate Summit in Paris," said Commissioner Jones. "Governor Brown's leadership on climate change is making a tremendous difference in California and across the world."
Commissioner Jones will participate in a number of prominent meetings in the COP 21 "Blue Zone," where official negotiations among national leaders are being held. Commissioner Jones has been selected as one of 24 world leaders to participate in a private roundtable with high-level participants including asset owners, asset managers and policymakers to discuss carbon related risks, financial regulation and climate safe energy alternatives.
The Commissioner will participate in Climate Action Day, an event aimed at showcasing the most emblematic commitments and initiatives of state and non-state actors in the Lima-Paris Action agenda and shedding light on those engaged in climate action. Jones will also join decision-makers from across the globe at the Sustainable Innovation Forum, the largest business-focused climate event held during the annual conference.
Commissioner Jones will also have bilateral meetings with insurance regulators from other nations regarding the establishment of an international consortium of insurance regulators sponsored by the United Nations Environment Programme (UNEP) that will further collaboration between insurance regulators from around the world in addressing climate risk and the insurance sector.
The Commissioner's itinerary for COP21:
Saturday, December 5, 2015
United Nations Framework Convention on Climate Change (UNFCCC) Climate Action Day
Commissioner Jones will attend this event showcasing the most emblematic commitments and initiatives of state and non-state actors in the Lima-Paris Action agenda and shedding light on those engaged in climate action.
At the 20th session of the Conference of the Parties (COP20) to the UNFCCC in December 2014 in Lima, the Executive Secretary of the UNFCCC and the Presidency of the COP21 were encouraged to convene a high-level event to enhance implementation of climate action.
Answering this call and building on the catalyzing effect of the United Nations Secretary-General's Climate Summit of September 2014 and the work undertaken by Peru, France, the Executive Office of the United Nations Secretary-General, and the UNFCCC, Action Day highlights the existing momentum for scaled-up engagement by state and non-state actors and shows the necessity, feasibility and power of multi-stakeholder climate action.
Monday, December 7, 2015
The Role of the Financial System in the Transition to a Low-carbon Economy
Jones will attend the session focused on decarbonizing financial markets and portfolios. Investors and financial regulators have started to acknowledge their role in this arena. 2° Investing Initiative, Carbon Tracker Initiative and the UNEP Inquiry are three organizations working with investors and policymakers on the integration of climate considerations in investment decisions to ensure the reallocation of capital to a low carbon economy. Discussions will focus on theories and actions, offer insight on the European and global context and analyze the current policy momentum.
6th Annual Sustainable Innovation Forum 2015
The Commissioner will join global stakeholders and decision-makers with delegates from 43 countries at the 6th Annual Sustainable Innovation Forum. Building on year-round work from Climate Action and UNEP, the two-day forum will convene cross-sector participants from business, government, finance, the UN, NGOs and civil society to create an unparalleled opportunity to bolster business innovation and bring scale to the emerging green economy.
Tuesday, December 8, 2015
Carbon Tracker Roundtable Discussion on Strategic Risk Disclosures for Fossil Fuel Companies
Commissioner Jones has been selected as one of 24 world leaders to participate in a private roundtable with high-level participants including asset owners, asset managers and policy-makers to discuss the extent to which company business plans diverge from climate safe energy pathways and to agree on future actions.
Organized in partnership with the UN Principles for Responsible Investment (PRI), the discussion will focus on the disclosure of fossil fuel companies' long-term exposure to energy transition risk and how investors can best engage on this topic.
On December 7, Carbon Tracker will launch a set of recommended strategic risk engagement principles for fossil fuel companies at the Sustainable Stock Exchanges (SSE) Leaders Luncheon on Climate.
This document is designed to complement the work of organizations including PRI and SSE and will allow investors in fossil fuel companies to gain insight into business risks in the context of the transition to a low carbon economy.
Shifting Billions Toward Green Investments
The Commissioner will attend this meeting of investors and policymakers, which will include a discussion of investment solutions to a greener economy, carbon impacts in investment decisions and asset management, and emerging new solutions.
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- Commissioner Jones believes that climate change poses an existential threat. Since the start of his first term in 2011, Jones has required insurance companies to report on how they are addressing climate risk in their business operations, reserving and underwriting. Commissioner Jones leads a multi-state group of insurance regulators in requiring insurers to answer the Climate Risk Disclosure Survey, surveying more than 1,000 insurance companies annually and capturing approximately 77 percent of the entire U.S insurance market, enabling regulators, insurance companies and interested members of the public the ability to identify climate risk trends, vulnerabilities and best practices by the insurance industry. Survey results can be found on the California Department of Insurance's website.
The California Department of Insurance, established in 1868, is the largest consumer protection agency in California. Insurers collect $310 billion in premiums annually in California. Since 2011 the California Department of Insurance received more than 1,000,000 calls from consumers and helped recover over $469 million in claims and premiums. Please visit the Department of Insurance website at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800.927.4357. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.