Insurance Europe has stated its support for the proposed revisions to the Scope 3 GHG emissions disclosure requirements IFRS S2, in its response to the ISSB consultation.
In particular, it supports the proposal to remove the requirement to disclose Scope 3 Category 15 emissions related to insurance and reinsurance underwriting.
Insurance Europe stated: “Prematurely introducing mandatory [insurance-associated emissions] disclosures risks generating misleading or inconsistent data that may hinder, rather than help, effective climate action.”
The industry body also supports the proposal to not require disclosures of financed emissions from derivative contracts and the “flexibility” provided by the proposal to allow the use of alternatives to the Global Industry Classification Standard.
It concluded: “European insurers urge the ISSB to implement the proposed amendments as swiftly as possible, especially as many (re)insurers are already working to align with IFRS S2.”