Climate issues will shape pandemic recovery

As the COVID-19 crisis has commanded attention on every front, some of the issues in danger of being overlooked are every bit as threatening as they were before the coronavirus appeared. And, addressing them may help speed recovery from the pandemic and lead to a more resilient and sustainable environment.

The challenge of climate change was a high priority before the coronavirus sent the world into a tailspin. The work towards a sustainable future is just as important now and, in fact, should be a part of pandemic recovery planning that could bring communities and economies back stronger than before the crisis, according to Linda Freiner, Group Head of Sustainability at Zurich Insurance Group.

“Just before the COVID-19 crisis emerged, climate change was definitely rising on the agendas of businesses and governments,” Ms. Freiner said. Now, there is an opportunity to “build back better,” she stressed. “Taking climate action now by investing in new technologies, renewable energy and more sustainable infrastructure could accelerate the recovery, create new jobs and increase economic resiliency overall.”

At Zurich, the focus on sustainability-related work is as sharp as it was before the COVID-19 crisis,” Ms. Freiner said. “We cannot afford to take a break on climate change,” she added. “Indeed, if anything, the current situation means we as a company and the industry as a whole have a chance to drive change. We are looking into ways we can step up even more, in particular in advocacy efforts to ensure that governments and other decision-makers start looking at a sustainable recovery.”

Zurich CEO Mario Greco emphasized the company’s commitment to sustainable development goals by signing with other business leaders a statement issued by the Business Ambition for a 1.5°C campaign. The statement calls on businesses to be vigilant about sustainability matters even as the pandemic demands much of the world’s attention.

By signing the statement, Zurich and others pledge to support ambitious science-based targets that will set the world on a trajectory to limit global warming to 1.5°C and commit to resilience by divesting from fossil fuels and encouraging innovation in low-carbon solutions while prioritizing green jobs, protecting people and nature, and delivering on the Paris Agreement.

Businesses who sign the statement are committed to working with governments to scale up the movement by advocating for policies that align with the 1.5°C trajectory.

“Sustainability is a key part of Zurich strategy and a driver of our long-term success,” said Ms. Freiner. “Now, more than ever, it is important that we focus on achieving our targets set out in 2019 and leverage the lessons from the pandemic to flatten the climate change curve and limit global warming.”