Tech is key for ESG reporting: Ping An Insurance chief

The company also announced its dedication to expanding green finance and striving for carbon neutrality in its operations by 2030.

Technology plays a vital role in facilitating comprehensive environmental, social and governance (ESG) reporting in businesses, according to Jessica Tan, Co-Chief Executive Officer (CEO) of Ping An Insurance China.

She made this statement during a recent United Nations Environment Programme Finance Initiative (UNEP FI) podcast.

"Simply put, [ESG] is important for our clients, and it's important, therefore, for our business and increasingly important for our employees," Tan said.

In 2021, Ping An committed to enhancing its internal ESG reporting and took steps towards that goal. The company also announced its dedication to expanding green finance and striving for carbon neutrality by 2030.

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In 2022, Ping An witnessed significant growth in its responsible investment and financing, which increased by 47% compared to the previous year. This growth included green investment and financing totalling over RMB282.3b. 

The company also experienced a substantial 124% year-on-year increase in responsible banking, with green banking reaching RMB182.9b. Moreover, sustainable insurance premiums rose by 4.6% year-on-year (YoY), and the green insurance premium income surpassed RMB25.1b. 

Additionally, Ping An successfully reduced its carbon emissions in operations by 23% YoY. 

The company has outlined its roadmap for achieving this goal, which involves implementing energy conservation measures and investing in the purchase and generation of green power.