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Just Transition Finance: Pathways for Banking and Insurance

Just Transition Finance: Pathways for Banking and Insurance

Year Published

2023

Contributing Organizations

International Labour Organisation (ILO)
United Nations Environment Programme Finance Initiative (UNEP-FI)

Type of Resource

Guidance

Languages

English

Relevant Topics

Core Topic
Just Transition
Topic 2
Banking
Topic 3
Insurance

Target Audience

Banks
Insurers

Relevant Geography

Global
Just Transition Finance: Pathways for Banking and Insurance

Resource Description

This report (ILO & UNEP FI, 2023) guides banks and insurers on supporting a just transition to low-carbon, climate-resilient economies by integrating social and environmental considerations into strategy, products, and risk management.

Why This Matters

Embedding just transition principles enables financial institutions to manage risks, meet expectations, and finance inclusive climate action.

Key Insights

  • A just transition links climate action with social inclusion, worker protection, and green jobs
  • Banks can align lending with transition goals, design green/social products, and embed social risk in assessments
  • Insurers can close protection gaps, create climate-risk products, and incentivize sustainable behavior
  • Nine recommendations include leadership commitment, stakeholder engagement, product innovation, financial inclusion, and partnerships
  • Case studies (BBVA, Triodos, Nationwide) illustrate practical approaches

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