기후변화 관련 보험섹터 대응에 관한 국제 규제 서설

Abstract

The 2015 「Paris Agreement on Climate Change」 set forth carbon emission reduction targets by 2050. This landmark accord has catalyzed the formation and acceleration of concrete plans by international organizations, governmental bodies, and individual corporations. The insurance sector, in particular, has witnessed numerous countries enacting or planning legislation to align with these targets, implementing pertinent policies in response. As the proposition "Only One Earth” suggests, addressing the climate crisis necessitates the international community's unified objectives and coordinated efforts. In this context, various international organizations and initiatives have articulated numerous goals, standards, and implementation strategies. While most of these are predominantly voluntary, receiving endorsement from individual countries and insurance companies, there is a substantial possibility they will eventually be incorporated into domestic legislation or regulatory frameworks. Even before being legislated in each country, international organizations and major companies investigate, report, or disclose the participation status, level of participation, and compliance of individual companies. These international organizations and major companies analyze and evaluate the level of compliance to assess the value and reputation of the respective companies and determine whether they are suitable for transactions. Consequently, the recommendations and regulations of international organizations and initiatives often function as de facto norms. In the face of robust global trends such as ESG(Environmental, Social, and Governance), responsible investment, and the Sustainable Development Goals(SDGs), any country or insurance company exhibiting reluctance or passive engagement risks devaluation. Strategic, timely, and appropriate participation in these initiatives is imperative; however, the multifaceted nature and diverse approaches to addressing the climate crisis complicate decision-making processes. Additionally, existing initiatives may conclude, and new ones may emerge, further complicating the landscape. In the Korea Ins. L. J.(Vol.18, Issue 1, 2024.), I examined the "Net-Zero Insurance Alliance(NZIA)”, which was ambitiously launched in 2021 but encountered significant challenges due to warnings from several U.S. state governments. It was anticipated that the outcome of the U.S. presidential election in November 2024 would impact its trajectory. However, NZIA was unable to withstand the pressure exerted by Republican-led state governments and ultimately disbanded. On April 25, 2024, the United Nations Environment Programme Financial Initative formally announced the dissolution of NZIA and the establishment of the "Forum for Insurance Transition to Net Zero(FIT)”. The short-lived misfortune of NZIA, which included the participation of three Korean insurance companies, illustrates the necessity for prudent selection of international engagements. Simultaneously, regardless of the imperative nature of tasks essential for the survival of humanity, the stark reality of the international community is characterized by persistent obstruction and interference from vested interest groups. Consequently, addressing international regulations necessitates meticulous and strategic policy consideration. This paper provides a concise overview of the most pertinent and influential aspects of the insurance sector's engagement in the complex and diverse international activities aimed at addressing the climate crisis. Given the vast scope of this topic, certain areas remain unaddressed in this paper and will be supplemented in future research. Furthermore, subsequent publications will explore legislative and administrative responses by various governments, as well as the responses of individual insurance companies. This paper is anticipated to aid domestic insurance companies in making informed decisions about participation in international organizations or initiatives, determining the appropriate timing and level of engagement, and comprehending governments' legislative and administrative responses.