Recital 95

(95) Achieving the environmental and climate ambitions of the European Green Deal requires the channelling of large amounts of investments from the private sector, including from insurance and reinsurance undertakings, towards sustainable investments. The provisions of Directive 2009/138/EC on capital requirements should not impede sustainable investments by insurance and reinsurance undertakings but should reflect the full risk of investments in environmentally harmful activities. Therefore, there is a need to assess whether the available evidence on risk differentials between environmentally or socially harmful and other investments is sufficient to justify a differentiated prudential treatment. In order to ensure an appropriate assessment of the relevant evidence, EIOPA should monitor and report by 1 March 2025 on the evidence on the risk profile of environmentally or socially harmful investments. Where appropriate, EIOPA’s report should advise on changes to Directive 2009/138/EC and to the delegated and implementing acts adopted pursuant to that Directive. It should be possible for EIOPA to also inquire whether it would be appropriate that certain environmental risks, other than climate change-related risks, should be taken into account and how. For instance, if evidence so suggests, EIOPA could analyse the need for extending scenario analyses as introduced by this Directive in the context of climate change-related risks to other environmental risks.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-14 · Text as adopted (Official Journal); later amendments are not incorporated in this text.