ESG is becoming pretty much mandatory across the insurance sector and one of th ways you can meet the standard is by carbon offsetting. There are lots of different schemes across the world where insurance brands can update infrastructure, plant trees, or back renewable energy projects, which can deliver power depending on the local weather conditions and time of day.
Better still, these Net Zero and ESG compliant schemes can sold to clients who need insurance cover, but have to show they are doing their best to meet the demands of regulators. Delivering ESG-In-a-Box could be one of the growth areas in insurtech during the rest of the 2020s.
Here’s the word;
BMS Group, the independent insurance and reinsurance broker, is proud to announce that it is to offset backdated Greenhouse Gas emissions (GHG) arising from energy consumption in its offices, by its employees working from home, and through business travel and hotel stays for the years 2019, 2020, 2021 and 2022 and is committed to doing so beyond.
The offsetting is part of BMS Group’s wider commitment to being a socially responsible business and making a difference to the communities it works in and is being managed by the firms environmental and social responsibility team.
BMS Group will work with Carbon Footprint Limited, a founding member of the Quality Assurance Standard for carbon offsetting, who will offset BMS’ GHG emissions through several projects aimed to tackle climate change as well as having considerable social impact. These include ecosystem conservation in Brazil, domestic energy projects in India and Uganda (i.e., energy efficient cooking stoves) and renewable energy projects in South Africa, Turkey, and the Dominican Republic.
Nick Cook, BMS Group CEO, said: “Over the past decade BMS has seen a very significant expansion globally. Throughout this period, BMS has recognised environmental challenges and social responsibilities. The decision to backdate for the last four years shows real commitment to the global journey to net zero. BMS will continue to implement measures which reduce and then offset future emissions, and at all times explore ways of increasing the use of renewable energy and sustainability practices. We are very excited about this initiative.”
Neil Prior, BMS Group head of environmental and social responsibility said: “I’m delighted that BMS is demonstrating best practice and becoming an industry leader through the purchase of carbon credit to offset our GHG emissions for the last four years. This shows the long-term value that a clear programme of wider environmental, society and good governance (ESG) can bring. BMS seeks to work with our clients, our employees and all our stakeholders to assist in moving the market towards more sustainable and environmentally conscious business practices.”