The latest commitment statement from Lloyd’s of London, who are fully on board with the Net Zero Agenda;
The Insurance Task Force (ITF), (set up in tandem with The Prince of Wales) has today published a Sustainable Products and Services Showcase detailing the wide-ranging insurance support that is empowering customers to develop, invest in and scale their sustainability initiatives, supporting green innovation across multiple sectors and geographies.
The showcase illustrates the innovative risk management and risk transfer solutions currently available, and their role in underpinning and safeguarding the efforts of multiple industries as they drive climate-positive action to adapt and transition to a sustainable future. It includes insurance coverages across the hydrogen supply chain, solar energy, wind power, and carbon capture, together with parametric and microinsurance schemes protecting coffee farmers in Nicaragua and cyclones in Australia.
The trillions of dollars of financial support the industry is currently providing is protecting the significant investment and progress being made around the world and across industries as they rapidly decarbonise and innovate solutions to address the climate crisis. To further expand its integral role in enabling and accelerating the transition, Task Force members will soon be launching two new products that will provide an even greater breadth of protection across climate-positive activities and initiatives.
With substantial financial resources second only to investment management, the global insurance industry is at the forefront of climate and transition risk mitigation and adaptation. Its ability to both insure and invest in efforts to tackle the biggest risk of our time will help unlock and overcome barriers that could limit the pace of transition, and the Task Force has developed a set of proposals being put before governments and regulators to further enable those activities.
With COP26 fast approaching, the SMI Insurance Task Force will soon be unveiling an adaptable and scalable framework that will improve disaster response and recovery in climate-vulnerable economies, as well as detailing how it will boost systems change across its vast network of suppliers to drive more sustainable outcomes for millions of customers.
Be the first to comment