Forsikring & Pension has called on the Danish government to draft and implement an economic roadmap for the country’s green transition.

Its proposal report, A green direction for Denmark, outlines 13 proposals that the government could adopt to accelerate the transition to a green economy.

It noted that although the process of investing Danish pensions for the benefit of the climate has begun, there is “huge potential to do more” if the framework and direction are established.

“We have two basic tasks in relation to the climate,” commented Forsikring & Pension CEO, Kent Damsgaard. 

“The first is to combat climate change - and the second is to adapt to the drastic changes that are unfortunately already a reality. 

“The insurance and pension companies are deeply committed to both and provide solutions, but there is a huge potential to do more.”

He noted that the green transition needs “massive investments” in new technologies, which the public purse cannot handle on its own.

Therefore, Danish pension companies have signed up and “are ready” with additional green investments.

However, Damsgaard stated that to take advantage of the investment power of pensions, a clear roadmap was needed.

Forsikring & Pension also proposed that Denmark establishes a climate fund within the forthcoming Finance Act and that the government agrees to a national action plan “as soon as possible”.

“Climate change has already had some serious consequences, as we also saw with our neighbours in Germany this summer,” Damsgaard continued. 

“After all, our companies work every day to prevent injuries and help when the injury has occurred. 

“But there is a need for climate adaptation to move completely up the national agenda. With a clear strategy and a focused effort in the areas that are most vulnerable.”

The government was also encouraged to introduce just as ambitious climate requirements for the public sector as the private sector.

Damsgaard concluded: “The high Danish climate ambitions are right, so therefore it is positive to see that the business community has broadly backed so clearly up to 70 per cent of the objective. 

“Especially in societies like Denmark with a large public sector, however, it is also absolutely crucial that we also get the entire public sector restructured, so that, for example, public buildings also get more involved in the climate fight. There we miss some opportunities today.”

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