Hot Air or Cool Change? The ESG Tightrope in Impact Investing
Oct 11, 2024Written by Madalina Preda
Abstract
This article explores the pressing global challenges of climate change and social inequality through the Environmental, Social, and Governance (ESG) framework, which underscores the responsibilities of corporations and governments in fostering a sustainable economy.
It focuses on the insurance industry's role in managing climate risks, its expanding involvement in impact investing, and innovative strategies for promoting climate resilience and financial inclusion in the United States and Europe. It also discusses current limitations, challenges, hurdles, and opportunities. Additionally, it addresses the emerging phenomenon of "greenhushing," and the tension between profit motives and long-term sustainability.
By analyzing these trends, the article provides insights for investors, policymakers, and practitioners on balancing positive change with financial viability in the evolving ESG landscape.
Introduction
The global rise of impact investing has sparked optimism and scepticism, with concerns over "greenwashing"—where companies exaggerate or mislabel initiatives as sustainable—undermining trust in the movement. Additionally, "greenhushing," where firms downplay sustainability efforts to avoid scrutiny, reflects growing stakeholder fatigue. (2) While genuine initiatives addressing climate change and social equity exist, the broader narrative is often clouded by profit motives, politics, and corporate agendas, weakening the focus on authentic, long-term solutions and complicating the credibility of impact investing.
PitchBook's "2024 Sustainable Investment Survey," published in September 2024, highlights divergent views on ESG in global private markets: 64% of respondents consider ESG in their investment decisions, while 36% see it as a breach of fiduciary duty. ESG integration varies; no clear link has been established between ESG and financial returns. Regulatory challenges persist and focus on the "S" (social) component, especially DEI, is declining, while governance is scrutinised due to high-profile scandals. Environmental risks, including climate-related physical risks and resource extraction concerns, remain top priorities. (16)
The survey yielded over 500 responses, indicating that while the practice of ESG remains relevant, the term itself faces challenges. Many investors are aware of the politicisation of ESG in the United States, yet some non-U.S. respondents also expressed negative sentiments about it. (16)
Notably, 39% of those who do not incorporate ESG factors into their investment decisions reported having declined investments due to ESG concerns, highlighting a disconnect between self-perception and actual behavior. This suggests that viewing ESG solely as a values-based or environmental hurdle overlooks its potential to enhance due diligence practices. Additionally, the survey explored the misconception that impact investing necessitates concessionary returns. Many fund managers resist the "Impact" label, concerned that it implies subpar financial performance. The survey’s findings reveal that 56% of respondents prioritising impact investments aim for market-rate returns as their primary objective. While concessionary return strategies exist, not all impact funds should be assumed to require them. Furthermore, when assessing the focus on sustainable investment, both asset managers (GPs) and allocators (LPs) indicated a tendency to maintain or increase their ESG efforts, despite mutual perceptions—often influenced by media coverage—that the other group is decreasing its focus.
The materiality of environmental issues varies by industry and geography; governance gains attention due to recent high-profile incidents and the rise of AI, while the pandemic's focus on diversity, equity, and inclusion has diminished in the U.S. Investors continue to debate the merits of launching focused versus general impact offerings.
Fundraising for Impact funds has significantly declined in 2023; however, emerging Impact managers are experiencing higher success rates when compared to the broader fund population.
Leading impact asset-gatherers often have non-impact strategies, suggesting that brand recognition may not be as relevant for impact investing.
Impact funds targeting climate solutions are capturing an increasing share of commitments, supported by governments and the private sector. Data does not support the notion that impact investing equates to concessionary returns. (17)
Impact Investing Focused on Climate Change in the United States of America
In 2023, the United States faced 28 extreme weather events, each exceeding $1 billion in damages, totalling a record $92.9 billion. This surge highlights the increasing economic vulnerability of various stakeholders to the intensifying impacts of climate change.
Impact investing focused on climate change has gained significant momentum. States like California have been leaders in this space, implementing ambitious climate policies and investing in renewable energy projects. Companies such as Tesla (electric vehicles), NextEra Energy (renewable energy), and SunPower (solar energy) are at the forefront of clean energy innovation, attracting substantial impact investments. In sustainable agriculture, Indigo Ag and AppHarvest are pioneering sustainable farming practices and indoor farming, respectively.
Carbon Engineering (carbon capture) and ClimateWorks Foundation (climate solutions) are making significant strides. Kiewit Corporation and AECOM are notable for their work in green infrastructure, focussing on sustainable design and engineering. However, challenges remain, including regulatory uncertainties and the need for more robust metrics to measure environmental impact. (3)
Yet, ESG analysis has faced significant backlash in the US, with calls for its abolition and even proposals to criminalise its use. Alongside the challenging macroeconomic environment, including rising interest rates and recession fears, asset managers have been forced to reevaluate their priorities. As a result, some investors have reduced their focus on ESG to concentrate on financial performance, while others are engaging in "greenhushing" by downplaying or avoiding ESG language altogether.
This shift contrasts with the rapid adoption of ESG practices during the pandemic, where commitments via the Principles for Responsible Investment (PRI) surged but sharply declined in 2023. (Pitchbook, The State of Private Market ESG and Impact Investing in 2024).
The future of the term "ESG" is uncertain, and a less politicised synonym might replace it. Larry Fink, CEO of BlackRock, has notably stopped using the term, citing its "weaponization." However, the shift away from ESG is likely to be selective, particularly in regions like Europe, where it remains less controversial. While concerns about this retreat persist, it may also lead to improvements in the field, as only asset managers with the most robust ESG programs are likely to maintain them, potentially raising the overall quality of ESG initiatives. (2)
Impact Investing Focused on Climate Change in Europe
Since the 1980s, Europe has warmed nearly twice as fast as the global average, making it the fastest-warming continent, with temperatures now 2.3 degrees above pre-industrial levels compared to 1.3 degrees globally. This rapid warming is driven by factors such as the Arctic's influence and changes in atmospheric circulation, leading to more frequent summer heatwaves, glacier melting, and altered precipitation patterns. (Corpernicus Report, 2024, Copernicus is the Earth Observation component of the European Union’s space programme).
In 2023, Europe experienced catastrophic flooding in Italy, Greece, Slovenia, Norway, and Sweden, alongside widespread droughts and wildfires in the south. The frequency and severity of extreme weather events are increasing, resulting in economic losses of €13.4 billion and at least 151 fatalities due to flooding, storms, and wildfires. (Corpernicus Report, 2024, Copernicus is the Earth Observation component of the European Union’s space programme).
In mid-September 2024, a vast region of Central Europe, including Poland, Czechia, Austria, Romania, Hungary, Germany, and Slovakia, experienced unprecedented heavy rainfall, breaking local and national records over four days.The scale of the event was exceptional, directly affecting nearly two million people (blue News, 2024). The most severe impacts were observed in urban areas along the Polish-Czech border and with Austria (The Guardian, 2024). As of this writing, at least 24 lives have been lost (The Guardian, 2024; BNN, 2024; CBS, 2024), with several individuals still missing in Czechia (DW, 2024). Power outages affected all countries, resulting in school and factory closures, as well as disruptions in hospital operations.
Europe is at the forefront of impact investing related to climate change, driven by stringent regulations and a strong policy framework supporting sustainable investments. Countries like Germany and Sweden have made significant strides in renewable energy, with companies such as Ørsted (wind energy), Vestas (wind turbines), and Envision Group (renewable energy solutions) leading the way. The European Union’s Green Deal aims to mobilise investments for a sustainable economy, with significant funding directed towards renewable energy projects and climate resilience initiatives. In the circular economy, companies like Loop Industries (plastic recycling), Patagonia (sustainable clothing), and Interface (sustainable flooring) are making impactful contributions.
European climate tech received the most funding out of all tech sectors in the first half of 2024. The industry brought in €7.7bn in equity and almost double that in debt—€13.2bn—aaccording to Sifted H1 2024 Report. The report finds that the most active climate-tech investors, for H1 2024, are:
SFC Capital is a fund that backs startups eligible for SEIS and EIS funding. It backed 21 companies.
BpiFrance is France’s state-owned investment bank and sovereign wealth fund that invests across a wide range of tech sectors and stages. It backed 14 companies.
European Institute of Innovation and Technology (EIT)—a European Union body backing startups across the union. It backed 14 companies.
High-Tech Gründerfonds—aan early-stage fund investing in software, medtech, and climate tech. It backed 10 climate tech companies.
Norrsken VC is an early-stage impact investor based in Stockholm. It backed 9 companies.
Climate Investment Funds and the Carbon Market Institute are pivotal in climate tech and sustainable finance, with the European Investment Bank and Nordea leading sustainable banking initiatives. Nevertheless, the challenge lies in ensuring that investments genuinely contribute to impactful outcomes rather than merely qualifying as "greenwashing." (5)
Insurance Industry Contributions
Insurance is pivotal to global economic stability and sustainability, with insurers and pension funds playing a key role in addressing Environmental, Social, and Governance (ESG) challenges. As both investors and risk managers, they drive solutions to sustainability issues and capitalise on emerging opportunities. The sector’s engagement with ESG spans underwriting, investment strategies, and risk management, supporting climate resilience through innovative products and responsible investment, including insurance-linked securities. By leveraging their expertise and substantial portfolios, insurers are increasingly contributing to impact investing, fostering climate resilience and sustainable value for policyholders and society. (14)
Sustainable Investments:
Many insurers are shifting their investment portfolios towards sustainable assets. (1)
Zurich Insurance has committed USD 5.8 billion to impact investments focused on CO2 reduction and improving livelihoods.
Allianz has pledged to fully phase out coal-based business models in their investment portfolio by 2040 and has increased investments in renewable energy projects
Prudential has committed to investing $10 billion in impact investments by 2025, with a focus on renewable energy and sustainable infrastructure.
AXA has committed to divesting from companies that derive more than 50% of their revenue from coal and has invested $3.2 billion in green projects since 2015. MassMutual has invested $2 billion in impact investments since 2016, with a focus on renewable energy and sustainable agriculture. (20)
Legal and General Group has invested Has invested £21 billion in sustainable assets, including renewable energy and sustainable infrastructure.
Lloyd's has conducted a climate risk assessment of its operations and investments to identify potential risks associated with climate change and has committed to investing £2 billion in environmentally friendly investments by 2025. This includes investments in renewable energy, green infrastructure, and sustainable agriculture. It also announced that its asset portfolio is aligned with a 1.5°C ‘Paris’ objective, with a 50% reduction in GHG emission intensity by 2030 and an 18.5% reduction by 20252 . (21)
Collaboration and Partnerships:
Insurers are engaging with regulators and stakeholders to align on climate-related policies and initiatives. The Insurance Development Forum (IDF) enables insurers to pool resources and improve disaster response. AXA has formed climate resilience partnerships to innovate and manage climate risks more effectively. (19)
Insurance companies have increasingly recognised the strategic value of investing in insurtech startups, either directly or as limited partners (LPs) in venture capital funds.
Limited Partners in Venture Capital Funds
Many corporate insurance companies have become Limited Partners (LPs) in venture capital funds as a strategy to stay connected with innovation in the insurtech space. Here are some notable examples:
Munich Re:
- LP in Accel Partners funds
- LP in Anthemis Group's venture funds
AXA:
- Created AXA Venture Partners, a fund of funds and direct investment vehicle
- LP in Anthemis Group's venture funds
Allianz:
- LP in Lakestar, a European venture capital firm
- LP in Fin Capital, focussing on fintech and insurtech
Nationwide:
- LP in Fin Capital
- LP in Anthemis Group's venture funds
MassMutual:
- LP in Ribbit Capital, a fintech-focused venture firm
- Created MassMutual Ventures, which invests as LP in other funds
Liberty Mutual:
- LP in Greenspring Associates (now part of StepStone Group)
- Created Liberty Mutual Strategic Ventures, which invests as LP in other funds
USAA:
- LP in Andreessen Horowitz funds
- LP in Ribbit Capital
Transamerica (Aegon):
- LP in Anthemis Group's venture funds
Aviva (UK):
- LP in Anthemis Group's venture funds
These investments allow insurance companies to gain exposure to a wide range of innovative startups and technologies without having to manage direct investments themselves. It also provides them with valuable market intelligence and potential partnership opportunities.
The trend of insurers becoming LPs in venture funds reflects their recognition of the need to stay connected to the startup ecosystem and to benefit from the expertise of specialised venture capitalists in identifying and nurturing promising insurtech companies. (5)
Several venture capital firms are specialising in insurtech with a focus on ESG and climate solutions.
Anthemis Group, a global venture investment firm, has been particularly active in this space, backing companies like The Climate Corporation and Insurify, which incorporate climate risk data into their models. San Francisco-based True Ventures has invested in climate-focused insurtechs like Understory Weather and Kettle, which use advanced technologies to assess and mitigate climate-related risks.
MTech Capital, with offices in Los Angeles and London, has supported companies like: Jupiter Intelligence, which provides climate risk analytics, NetPurpose data on listed companies environmental, social, and governance (ESG) performance to the global asset management industry; and Insurify, which incorporates climate risk data into their models. (22)
IA Capital Group, one of the longest-tenured insurtech-focused VCs, has invested in One Concern, an AI company for climate resilience. Additionally, Brewer Lane Ventures, founded by a former Prudential Financial CEO, has shown interest in insurtechs addressing climate change, reflecting the growing recognition of climate risk in the insurance industry. These VCs are not only providing capital but also expertise and networks to help scale solutions that address the pressing challenges of climate change in the insurance sector.
Mundi Ventures actively supports impact investment, ESG initiatives, and climate solutions through strategic investments in innovative startups. Their portfolio includes Clarity AI, which uses AI to assess sustainability impacts, and Pachama, leveraging technology for carbon capture verification. Additionally, Mundi has invested in FloodMap, a flood risk assessment platform, and Raincoat, which provides parametric insurance solutions for climate risks. Since 2015, the firm has established a responsible investment policy, becoming a UN PRI signatory and implementing ESG-linked remuneration for its staff. Its Insurtech Fund II now qualifies as Article 8 under SFDR guidelines, highlighting ESG and climate risk in due diligence processes. Adopting a “double materiality” approach, Mundi Ventures ensures that its investments generate financial returns while also delivering positive environmental and social impacts. Guided by five sustainability pillars—Founder Purpose, ESG Stewardship, Climate Change Awareness, Gender Equality, and Strong Governance—the firm’s investment strategy actively addresses 10 of the 17 UN SDGs as of 2024, particularly in health, insurance access, and biotechnology. (23,24)
Corporate Venture Capitals and Fund of Funds
Insurance companies have increasingly recognised the strategic value of investing in insurtech startups.
In Europe, Allianz X, the digital investment unit of Allianz Group, has been particularly active. AXA Venture Partners, backed by French insurer AXA, has invested in numerous insurtechs. (20)
In the United States, MassMutual Ventures, the venture capital arm of Massachusetts Mutual Life Insurance Company, has made significant investments in insurtechs like Pie Insurance.. Similarly, American Family Insurance has been an active investor, backing multiple companies American Family Ventures. (25)
These investments not only provide financial support to innovative startups but also create opportunities for strategic partnerships and knowledge exchange between established insurers and disruptive newcomers providing climate change solutions. This is an increasingly important area of investment as the insurance industry grapples with the impacts of climate change.
Jupiter Intelligence: This climate risk analytics firm has received investment from Liberty Mutual Strategic Ventures. Jupiter provides climate change impact data to help insurers better understand and price climate risks.
The Demex Group: Backed by Munich Re Ventures, Demex offers parametric insurance solutions for climate-linked risks, helping businesses manage weather-related financial exposures.
FloodFlash: This UK-based startup, which has received investment from Insurtech Gateway (backed by Everest Re), offers rapid-payout flood insurance using IoT sensors.
Descartes Underwriting: This French insurtech, which has received funding from Serena Capital (whose LPs include major European insurers), specializes in parametric insurance for climate risks.
Understory: Backed by True Ventures and Monsanto Growth Ventures (now part of Bayer Crop Science), this weather risk startup provides hyper-local weather data and analytics for crop insurance.
One Concern: This AI-powered climate resilience technology company has received investment from Liberty Mutual Strategic Ventures. They provide digital solutions for disaster planning and response.
Kettle: This reinsurance startup using AI to better predict wildfire risks has received backing from Accenture Ventures, which partners with major insurers.
These examples demonstrate how insurers are investing in technologies that not only help manage climate-related risks but also contribute to broader climate resilience and adaptation strategies. The focus ranges from improved risk modeling and pricing to innovative insurance products designed specifically for climate-linked perils.Yet, some of the merging climate risks still remain unsolved. (3)
Insurers Under Pressure: Addressing Emerging Climate Risks in California's Home Insurance Crisis
California's home insurance market is facing significant challenges as major providers, including Allstate, State Farm, Farmers, USAA, Travelers, Nationwide, and Chubb, limit new policies due to emerging climate risks and extreme situations. Nearly 40 million residents live in California, with 55 percent estimated to own homes. The California Association of Realtors’ 2023 survey revealed that about 7 percent of real estate deals fell through because buyers could not secure affordable insurance. California's home insurance market faces significant challenges due to stringent regulations limiting rate increases and the incorporation of wildfire risk modeling. (7)
Today, the average annual cost of home insurance in California is $1,217 for $250,000 in dwelling coverage, approximately 28 percent below the national average, largely due to Proposition 103’s restrictions. However, with over 2 million homes at high or extreme risk for wildfire damage and the cost of construction materials rising nearly 40 percent from January 2019 to June 2023, insurers struggle to maintain financial solvency. This situation is exacerbated by inflation, escalating natural disasters, and regulatory hurdles, making it increasingly difficult for homeowners to access affordable insurance. (8)
The increasing frequency of wildfires, inflation, and rising construction costs have prompted insurers to reassess their risk exposure. Allstate paused new policies in late 2022, followed by State Farm in May 2023, which cited "historic increases in construction costs" and a challenging reinsurance market. Farmers and USAA also limited new applications, with USAA raising wildfire safety standards. As these major insurers account for nearly 35 percent of California's home insurance market, the need for insurers to adapt to the realities of climate change and extreme weather events has never been more urgent. Addressing these emerging risks is crucial for ensuring the stability of the home insurance market and protecting homeowners in California. (7)
Property reinsurance premiums surged by 50 percent from April to July 2023, driven by inflation and climate risks, as highlighted by Janet Ruiz of the Insurance Information Institute. In response, California Insurance Commissioner Ricardo Lara launched the Sustainable Insurance Strategy in September 2023, which aims to stabilize the market through reforms that promote policy writing in high-risk areas, alleviate the burden of the FAIR plan, and permit catastrophe modeling for accurate rate setting.
Mmitigation efforts are enhancing building codes and promoting fire-resistant materials, particularly in areas like Paradise, recovering from the devastating 2018 Camp Fire, as major insurers collaborate with the Department of Insurance to create beneficial solutions for both insurers and homeowners. (8)
ESG Integration: Insurers are incorporating ESG factors into their investment and underwriting decisions. The Hartford in the U.S. incorporates climate risk into underwriting to adjust for extreme weather. State Farm has increased investment in renewable energy projects. (18)
These initiatives demonstrate how the insurance industry is leveraging its substantial investment portfolios and expertise to drive positive change in climate resilience while managing long-term risks.
The European Commission and the European Insurance Authority play crucial roles in insurance regulation. However, consumer education and ensuring universal accessibility remain significant challenges.
The Norwegian and Swiss governments have developed public-private compensation models for extreme events, such as the Norwegian natural perils pool and the Swiss "Elementarschaden-Pool," which cover a significant portion of their natural perils markets. Despite such initiatives, only 25% of climate-related losses in Europe have been insured over the past 40 years, exposing a significant climate protection gap. Governments can also contribute by implementing water management solutions and monitoring systems for natural disasters, as seen in the UK's partnership with private insurers to provide flood insurance. (5)
The implementation of sustainability initiatives in the insurance sector faces significant challenges despite growing global emphasis. Key obstacles and asset-side challenges include: fragmented reporting standards and regulations, insufficient green bonds and issuers, lack of policy incentives for large-scale green investments, inadequate carbon pricing, and suboptimal climate risk reporting standards.
Implementing and complying with ESG-related regulations remains challenging, though the Sustainable Finance Disclosure Regulation (SFDR) offers hope for improved public disclosures and access to quality data on private funds. The U.S. serves as a case study, where the SEC delayed climate-related rulemaking for nearly two years, resulting in significantly weakened disclosure requirements approved on March 6, 2024. (11)
In contrast, the EU and UK have adopted robust ESG regulations, with the SFDR being the most comprehensive applicable to all financial market participants in the EU and those outside selling to EU clients. Compliance with SFDR has proven difficult, as fund managers navigate the categorisation of their products under Articles 6, 8, and 9, which define sustainability objectives. In 2023, we tracked 302 new Article 8 funds, primarily from the UK and Sweden, highlighting the regional concentration of ESG initiatives among European fund managers, while 4% of funds in our sample were U.S.-domiciled. (Pitchbook, The State of Private Market ESG and Impact Investing in 2024)
These challenges underscore the need for coordinated efforts to enhance data availability, standardise regulations, and develop innovative financial instruments to effectively integrate ESG factors into insurance operations and risk management practices. (1)
Conclusion
In conclusion, the landscape of ESG and impact investing is both dynamic and complex, necessitating that investors and policymakers adeptly navigate these intricacies to effectively integrate ESG principles into their strategies. As impact investing continues to evolve globally, with a pronounced focus on addressing climate change and closing the insurance gap, tailored approaches are essential to maximise impact in diverse regional contexts. The growing demand for socially responsible investments underscores the importance of collaboration among investors, policymakers, and communities.
The insurance industry plays a pivotal role in this movement, leveraging its expertise in risk management and substantial investment capabilities to drive positive change in areas such as climate resilience and financial inclusion. Current strategies—including impact investments, insurtech ventures via corporate funds, participation as limited partners in venture funds, and the application of data analytics and AI—highlight the sector's commitment to innovation and sustainability. However, challenges such as regulatory barriers, market fragmentation, and the need for enhanced consumer education persist. Moving forward, efforts must focus on overcoming these obstacles while harnessing technological advancements to amplify the insurance industry's impact on global economic stability and sustainability.
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