Leading insurance companies Allianz, ING, Swiss Re and others recently endorsed setting scientifically-informed targets for carbon dioxide emissions in their joint statement, “The Path to Climate Sustainability: a joint statement by the Global Roundtable on Climate Change.” The statement notes climate change is an urgent problem and discusses the many risks associated with it, while addressing global energy requirements and continued economic development.

Numerous insurance company signatories pointed out that using today’s cost-effective technology and cultivating other developments could help reduce carbon dioxide emissions and reduce risks associated with massive climate change-which, they noted, is often unexpected and costly.

Insurance companies that support the statement also promised to make changes within their own organizations, from reducing emissions to educating the public and industry colleagues about the risks of climate change as well as potential solutions. Representatives from the insurance community advocated accelerating development of new energy-efficient strategies to dramatically expand the use of non-fossil fuel energy sources.

Jeffery Scahs, chair of the Global Roundtable on Climate Change, hailed the insurance company signatories and other leaders for their stance on human-generated climate change, noting their bold leadership on the important issue.

Insurance companies hope their pledge will spur governments to adopt more regulated approaches to emissions and climate change, minimizing risk.