The mantra `Build Back Better’ can be heard from celebs, politicians, NGOs and CEOs all around the world. In reality, what it will mean for insurers and brokers is that the green agenda will take precedence in ALL business decision making. Quite a fundamental power shift and brokers currently insuring carbon-intensive businesses may well be advised to seek greener pastures. See what we did there?
It’s worth noting that it doesn’t really matter which party is in power in Westminster, the climate change narrative is non-negotiable. As the door closes on insuring anything carbon, or even meat-related, there is of course the great opportunity of insuring new wind, solar, battery production, e-scooters, vegan only food retail and other climate agenda projects. When a catastrophe happens the rebuild of urban infrastructure will inevitably take longer, with more green features, tech and monitoring systems added on top of a conventional rebuild. Things like car parks will be replaced with scooter/bike racks. Roof gardens and water capture tech will be placed on rooftops, heat pumps, WiFi enabled lighting etc. All those pieces of the green construction jigsaw will need insuring.
Here’s the news from the new activist organisation, which has backing from the current UK government;
Tesco, Intel and HSBC are among the global businesses backing the launch of a new business network created to help companies, cities, and governments confront emerging global economic and environmental shocks. More than 600 businesses, with annual revenues of more than $3trillion and employing more than 10 million people across 150 countries, underpin the collaboration between think tank The Resilience Shift and Resilience First, the world’s largest resilience business network.
Nigel Topping, recently appointed by the UK Government as the High Level Climate Action Champion for the COP26 UN climate talks, said he was delighted so many businesses had “answered the call” and that this new platform would help firms to decarbonise and build their own resilience and that of their industry.
The new network brings together disparate industries – from finance, to retail, technology, engineering and the built environment – to help governments and businesses promote economic recovery and shape post-pandemic stimulus that builds resilience and accelerates global decarbonisation efforts.
The collaboration between Resilience First and Resilience Shift will be a catalyst for creating a safe, resilient, and sustainable future for all. It will form a single global hub to spur knowledge, advice and best practice, and bring forward innovative, resilient solutions to pervasive climate and societal challenges by:
· Influencing government policy to help incentivise and enhance critical, climate resilient infrastructure
· Stimulating resilience-focused finance and investment
· Building an unrivalled global community that enables disparate industries and communities to work together to enhance public and private sector resilience
· Creating cross-sector networks and working groups to share knowledge, advice and best practice, and make practical recommendations
· Promoting global leadership on bold, decisive action on resilience
LLOYD’S ARE ON BOARD
Richard Clegg, Chief Executive of the Lloyd’s Register Foundation “Our aim at Lloyd’s Register Foundation is to make the world safer. Resilience to expected and unexpected challenges is a key part of that. We are proud that our support of both The Resilience Shift and Resilience First has resulted in an opportunity for these two organizations to bring their forces together to accelerate resilience theory into practice, through a global community of action. This partnership enables organisations and industries to work together to scale up the changes needed to deliver a resilient and safer world.”
Nigel Topping, High Level Climate Action Champion for the COP26, said: “We have put out a call for organisations everywhere to join us in the #racetozero #racetoresilience and I am personally delighted that so many have heeded our call. Now it’s time for action – all firms, public or private, must decarbonise and, in parallel, they must build their resilience and that of their industry. The combining of The Resilience Shift with Resilience First provides us with a strengthened platform providing the knowledge base and community of interest needed to support this transformation, and accelerate resilience globally.”