Denmark’s pensions and insurance lobby announced today it has adopted a set of common climate reporting rules for the sector, as part of the ongoing work in the Nordic country to meet its 2030 emissions reduction goal.

The new code – based on the comply-or-explain principle – covers CO2 emissions from investment assets, damage prevention, active ownership and the use of paper in everyday life, according to the announcement from Insurance & Pension Denmark (IPD).

It has been devised as part of Denmark’s system of climate partnerships for each of the various sectors in its economy, which were put in place in 2019 to achieve the national goal of reducing greenhouse gas emissions by 70% by 2030 in relation to 1990 levels.

Torben Möger Pedersen, chief executive officer of PensionDanmark and leader of the financial sector climate partnership, said in today’s announcement: “It is absolutely crucial for achieving our climate ambitions that we have completely clear – and common – measurement points for the effort.

“Since we submitted our recommendations to the government, our industry has worked purposefully to prepare an industry recommendation that can help create transparency about our goals for customers’ climate footprint, our involvement with customers and projects, sustainability in our business models and the reduction of our own emissions,” he said.

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