Business · Companies · 19 hrs ago
Banks and insurers take green finance and AI debates to COP31
Brazilian banks and insurers are taking climate plans to COP31 in Antalya, Turkey, where the UN climate conference runs from November 9 to 20.
They want to help finance the shift to a low-carbon economy, attract private investment and expand insurance for farming.
The need is acute: Brazil spent nearly ten times more on disaster response and rebuilding than prevention between 2019 and 2024, according to a study by the national insurance association.
Rural insurance coverage has also fallen sharply, and a law approved in September makes government subsidies for it mandatory spending.
Banks are updating tools to classify sustainable finance and measure emissions linked to their lending.
Bankers also expect AI to be a major COP31 topic, as data centres need rapidly growing amounts of electricity.
AI could support clean energy, but its energy, water and land use raise environmental concerns, and there is no definitive estimate of its climate footprint.
Brazilian banks and insurers are taking proposals on green finance and climate risk to COP31 in Antalya, Turkey.
The conference runs from November 9 to 20, with finance leaders also expecting artificial intelligence to feature prominently in discussions.
Brazilian proposals include financing the green transition, attracting private capital, developing carbon markets and expanding insurance for agriculture.
Banks are working to bring climate-risk management closer to lending and to standardize calculations of emissions linked to their portfolios.
The climate impact of AI remains disputed, as its growing demand for electricity raises concerns about data centers’ environmental footprint.
- Who
- Brazilian banks, insurers and financial-sector representatives, alongside government, business and nonprofit leaders.
- What
- They are bringing proposals on green finance and climate risk to COP31, where AI’s role and impact are also expected to be discussed.
- When
- COP31 begins November 9, 2026, and runs until November 20.
- Where
- Antalya, Turkey.
- Why
- To advance the green transition and turn climate commitments into action; the sources also describe debate about AI’s potential to support clean energy and its environmental costs.
AI proponents
AI critics
Climate role
AI proponents
Barclays executive Daniel Hanna said AI could create long-term commercial demand that accelerates clean energy and climate technologies.
AI critics
UN climate chief Simon Stiell said AI consumes energy and raises emissions; climate groups have warned about its carbon footprint.
Data centers
AI proponents
Standard Chartered’s Marisa Drew said data centers can operate efficiently, depending on design, technology and public policy.
AI critics
Critics point to data centers’ use of energy, water and land and have mobilized against their expansion.
The International Energy Agency said electricity use by AI-focused data centers was expected to triple by the end of the decade.
Brazil’s Congress approved a law making subsidies for rural insurance mandatory expenses.
Febraban updated its Sustainable Finance taxonomy to align it with Brazil’s broader national sustainable taxonomy.
COP31 is scheduled to begin in Antalya, Turkey.
COP31 is scheduled to end.
- COP31 location
- Antalya, Turkey
- COP31 dates
- November 9–20, 2026
- Rural area insured in Brazil last year
- 3.2 million hectares
- Rural area insured at 2021 peak
- 13.7 million hectares
- Brazil disaster spending, 2019–2024
- Nearly 10 times more on response and reconstruction than on prevention
- Data center electricity demand
- AI-focused data center use was projected to triple by the end of the decade, according to the IEA
3 sources
What people are saying
Vamos à COP mostrar o setor segurador como um pilar estratégico tanto na transição climática quanto em projetos de investimentos e mitigação de riscos
Estamos em um momento de sair de um espaço de compromissos para uma agenda de ação, implementação, de investimentos
Ela estará em todas as conversas
Os líderes da IA agora estão pisando em gelo fino