Climate Change Data

Convex Group Limited

Climate Impact & Sustainability Data (August 2023 to August 2024)

Reporting Period: August 2023 to August 2024

Environmental Metrics

Total Carbon Emissions:5512 tCO2e (location-based), 5378 tCO2e (market-based)
Scope 1 Emissions:41 tCO2e
Scope 2 Emissions:396 tCO2e
Scope 3 Emissions:5205 tCO2e
Total Energy Consumption:1,162,742 kWh
Waste Generated:0.53 tCO2e (2023)
Carbon Intensity:77.8 Tons CO2e/$mm sales (Corporate Bonds Portfolio)

ESG Focus Areas

  • Climate Change
  • Nature-related risks

Environmental Achievements

  • Refined Greenhouse Gas Emission reporting process on a Group and Legal Entity basis.
  • Completed the second year of the Convex Seascape Survey, a global research program into carbon stored in the seascape.
  • Purchased carbon offsets from various projects including enhanced weathering, reforestation, and wind power.

Social Achievements

  • Launched employee well-being initiatives.
  • Hosted Convex Seascape Survey Kids Science Day.
  • Supported Elliot Primary school in Bermuda.

Governance Achievements

  • Established a robust governance framework for climate and nature-related risk and opportunity management.
  • Developed Sustainable Underwriting Principles and implemented them.
  • Developed a Climate Change Risk Assessment Framework (CCRAF).

Climate Goals & Targets

Long-term Goals:
  • Achieve net zero emissions by 2050 (commitment).
Medium-term Goals:
  • Achieve net zero emissions by 2050 (commitment).
Short-term Goals:
  • Develop baseline emissions data on 25% of insurance portfolio.
  • Set interim targets for Scope 1, 2, and 3 emissions.

Environmental Challenges

  • Supply chain disruptions due to climate events (implied)
  • Developing a transition plan in line with CSRD requirements.
  • Uncertainty and volatility in frequency and intensity of hazard per peril region.
Mitigation Strategies
  • Refreshed the CCRAF using updated GWP and integrating it into business planning.
  • Engaged with external law firm to complete litigation scenario analysis.
  • Commissioned ‘Project Berlin’, a deep dive into the impact of physical risk on peril regions.

Supply Chain Management

Responsible Procurement
  • Group Procurement Policy with Responsible Procurement section.
  • Supplier Code of Conduct with sustainability requirements.

Climate-Related Risks & Opportunities

Physical Risks
  • Increased frequency and severity of weather events (floods, wildfires, etc.)
  • Rising sea levels
  • Rising mean temperatures
Transition Risks
  • Impact on business models from disruptive technology.
  • Changes in government policy and consumer preferences.
Opportunities
  • Development of energy-efficient products and services.
  • Growth in renewable energy underwriting.
  • Opportunities in sustainable aviation.

Reporting Standards

Frameworks Used: TCFD, CSRD, ISSB, SECR

Third-party Assurance: External auditors (limited assurance for GHG emissions)

UN Sustainable Development Goals

  • SDG 3
  • SDG 5
  • SDG 8
  • SDG 9
  • SDG 13
  • SDG 14

Initiatives aligned with these goals are detailed throughout the report.

Sustainable Products & Innovation

  • Carbon Capture and Storage insurance.
  • Offshore wind insurance.
  • Insurance for battery recycling facilities.