Life Insurance Company of India needs to attend to its Environmental Social and Governance (ESG) credentials before launching its IPO.
Life Insurance Corporation of India hopes to tap into the large and growing global pool of ESG-aligned assets. To do this, Life Insurance Corporation of India will need to have a credible ESG strategy which improves its material ESG risks and capitalizes on ESG opportunities. A high ESG rating will bring in investors, but it will also bring pressure from these investors to put current and future investments under an ESG lens.
“Bloomberg expects ESG assets to hit US$53 trillion by 2025, a third of global assets under management. Further, the United Nations-supported Principles for Responsible Investment , the world’s leading proponent of responsible investment, has more than 3,500 signatories, among them the world’s biggest institutional investors representing US$121tn in assets under management. These signatories commit to integrating ESG factors into investment decision making.
Life Insurance Corporation holds more than a 1% stake in a wide range of Indian companies — from energy to banking to commodities. This move may lead to more Indian companies dealing with their Environment, Social and Government issues. “All companies in which LIC holds a stake will be scrutinised, especially energy companies given their weak environmental profile. The pressure to address ESG issues is increasingly an existential question for energy companies as governments worldwide set net-zero targets — and as the current media and wider public attention on climate change force companies to decarbonise.”
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