Opinion is divided on the true value of western economies reaching Net Zero emissions, whilst South America, Asia and other countries carry on consuming resources and chucking plastics into the ocean like there’s no tomorrow. Sure noble aims and ideals are wonderful to have as corporate mission statements. But you know what, China and India don’t care, they just want to get richer and more powerful. Why should Europe and the UK revert to a pre-industrial peasant lifestyle, just to feel more virtuous?
Much of the industrial/manufacturing base which europe has exported to China and India runs on oil, gas and coal. There isn’t a cheaper way of doing things and people like to buy cheap TVs, electric cars, kitchen gadgets and more. So now Lloyd’s of London has decided it won’t ban insurance on fossil fuel extraction projects, which would have cost UK and EU insurers billions in lost premiums.
That’s reality. By stating that economic and political situation you tend to enrage those on the hard Left of the climate debate, so see the entire project as a new religion, something that replaces the Christianity which was once prevalent across Europe. By criticising, or pointing out facts like Al Gore was wrong about the ice caps melting back in the 90s, you become heretic, a blasphemer. But Net Zero isn’t the Quran, we are allowed to criticise it, and some of the false prophets of climate change.
WE CAN DO MORE
But watching climate zealots like St Greta morph into Free Palestine activists as times change isn’t enough. We can do better, even without the hard Left shouting at us on a daily basis.
As an industry insurance can do more on recycling, like green parts on vehicle repair, future proofing electrical items – and offering insurance at affordable rates to those small traders who could repair laptops, phones, microwaves, record players etc. Campaign for agreed standards on repaired item safety, classic vehicle safety and annual testing.
Then there’s the vast server capacity required to power AI and insurtech platforms. Some of that power station electricity could come from local coal or nuclear infrastructure, rather than importing electricity. Smarter usage, company power banks and back up power is all needed.
Data centres need cooling too, that means more water. Thinking long term maybe insurers could actually sponsor new reservoirs and flood prevention works here in the UK, rather than in more glamorous locations where coral reefs make for better PR opps?
These are just ideas, themes for debate. But if we don’t have an open debate then the path to progress is that bit more rocky, and activists will hammer more buildings, throw more paint and doxx companies. Thinking smarter is the key to using less, and extending the lifespan of the technology that makes our modern world actually work.
COMMENT
Reclaim Finance insurance campaigner Ariel Le Bourdonnec says:
“Lloyd’s is finally showing its true colours and has stopped pretending to take part in the fight against climate change. For five years, Lloyd’s has marketed itself as the insurance market for the transition, without taking any real action to reduce its support for fossil fuel expansion. Patrick Tiernan’s stance makes it clear that Lloyd’s goes wherever the wind blows — and the market has chosen to bow to Trump’s pro-fossil policy, despite the UK government’s ambition to be at the forefront of the fight against climate change.”
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