-
Climate change financing presents a profitable potential for the financial sector, chief innovation officer at Ping An Insurance (Group) Company of China, Ltd. (Ping An) or (the “Group”, HKEx:2318; SSE:601318.
In a speech at the Singapore Fintech Festival, Larsen stated that Ping An, a sizable fintech and healthcare business based in China, “has the desire to be at the forefront of the highest standards of ESG reporting and action.” there is,” he declared. The organization’s initiatives to assess environmental consequences, track them over time, and develop an ESG grading methodology for other businesses are “a positive step towards creating worldwide standards for Chinese enterprises, starting with our own.” It demonstrates our dedication to “become a force.”
To assist China in its transition to a low-carbon economy, Ping An also fosters business innovation. Low Carbon Home, a platform for personal carbon accounts, was introduced in May by Ping An Bank (SZ:000001), which serves 110 million users of UnionPay credit and debit cards. Based on the customer’s shopping habits, the platform determines their own CO2 emissions reduction. By demonstrating to each consumer how their specific low-carbon behaviors are assisting in environmental protection, the program can inspire users to take further action.
We have a very profitable possibility here since it gives our clients control over their emissions profile. Additionally, Ping An Bank has already secured the first trial for its project in October 2021 and is building a platform to track its CO2 emissions using Internet of Things (IoT) technology. This platform monitors real-time CO2 emissions data. This helps in quality audits and post-credit management of CO2 assets, as well as assessing customers’ environmental performance.
In order to analyze the danger of nine different types of natural disasters and give company owners, property owners, and car owners early notice, the platform uses 1.4 billion nationwide catastrophe data points, internal underwriting, and claims histories. is possible to transmit More than 50,000 of his farmers will receive more than 170,000 alerts and information about catastrophe avoidance in 2021, and overall he has prevented farmer losses totaling RMB 38.25 million.
there are numerous chances for innovation in the insurance sector to address disasters brought on by extreme climate change. To manage and reduce risk in agriculture, Ping An Property & Casualty will introduce the National Disaster Risk Platform 2.0 in 2021.
there is “reason for optimism” in China’s push for change given that COP27, the international conference on climate change, is currently underway. At least half of the 18 million cars in Shenzhen, where Ping An has its headquarters, are electric, making the nation’s use of renewable energy “tremendous progress.”
Ping An Property & Casualty has introduced a special service for owners of electric vehicles through the Ping An Auto Owner app. Users in more than 300 cities can use the app’s Quick Search for Charging Stations feature to quickly locate the closest charging station.