The transition to low-carbon, climate-resilient economies is not only a technical challenge – it is a social one. Transition pathways that fail to address the needs of workers, communities, and vulnerable populations face growing political and operational risk, while those designed with equity and inclusion at their core are more credible, durable, and effective. Financial institutions play an important role in enabling and financing these pathways.
This report draws on a yearlong initiative that convened over a dozen banks and insurers for peer exchange and expert input to document how just transition considerations are being integrated across banking and insurance and highlight emerging practices. The report concludes with ten recommendations for financial institutions.
The main focus is a set of case studies, listed below, which illustrate how participating institutions are embedding just transition in their strategies, processes, products, and partnerships. These institutions are at different stages of engagement, from early strategic positioning to operational integration, and in contexts shaped by different regulatory environments, sectoral exposures, and development priorities. The diversity of the group is a deliberate feature of this programme and the evidence base it has produced.
Case studies
- Westpac (Sydney, Australia): Breaking siloes to integrate just transition in climate transition planning
- BNP Paribas (Paris, France): Towards the integration of just transition considerations
- Generali (Trieste, Italy): Integrating climate and social resilience through a Group-wide just transition strategy
- Aviva (London, United Kingdom): Building capability for a just transition
- Bank of Jiangsu (Nanjing, China): Scaling inclusive green finance through digital innovation
- Absa (Johannesburg, South Africa): Building an integrated impact measurement framework for just transition finance
- Tokio Marine (Tokyo, Japan): Advancing human rights in carbon markets
- Bank of Africa (Casablanca, Morocco): Supporting inclusive SME decarbonization through the Pan-African Chair in Sustainability and Impact Finance
- ING (Amsterdam, Netherlands): Supporting homeowners in the transition
- NN Group (The Hague, Netherlands): Exploring just transition through investor dialogue and stewardship
- Unipol (Bologna, Italy): Building SME and place-based climate resilience through partnerships and innovation
- BNDES (Rio de Janeiro, Brazil): Financing climate-resilient development through territorial approaches