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Sustainability Board Update - May 2022

Melissa Leitner provides an update.

In the second meeting of the year, the Board's agenda was packed with updates on activity and progress. I would like to highlight three compelling discussion topics:

1. Risk Alert

In April, the IFoA published a Risk Alert, highlighting the risk that actuaries may not appropriately consider and communicate the impact of climate change and sustainability issues in their work. It was distributed to all IFoA members' inboxes and newsfeeds at the time of publishing but could have easily been missed or buried under inbox overflow during the April holidays. Board members shared their anecdotes to suggest an awareness level of probably not more than 10%. While Risk Alerts are not mandatory, they should be read and understood to support members and protect the public interest. This 2022 climate Risk Alert builds on its 2017 predecessor, by including a more comprehensive list of resources to support actuaries to apply it.

2. Climate Pledge

Members were recently surveyed about whether they would favour the development of a voluntary Climate Pledge for IFoA members, and what its scope should be. Initial results indicate overwhelming support for the idea overall. The vote is split on whether the remit should cover only professional or also personal commitment. The Board recognises the valid arguments to stay focused on members' professional contributions. Of course, many of us are passionate experimenters, making changes in our families, homes, and lifestyles to reduce individual carbon footprints!

3. New Research Working Parties

The research portfolio has identified a strong list of new topics where volunteers are being sought to form new working parties. Watch Emily Forsyth-Davies and Marcus Hurd's short explainer video. No prior sustainability knowledge is necessary, only a desire to get involved and learn on the go!

 

 

Last but not least, the meeting was enriched by two guest speakers, Neil Buckley and Louise Pryor, who led discussions on a Regulatory Board update, and the Actuaries Carbon Collaboration, respectively.

Click here to find out more about the Sustainability Practice Area and its activities