Global re/insurance broker Willis Towers Watson has announced further industry backing of its climate-centred accreditation framework, in the form of an endorsement by Fidelis and Arch Insurance
Climate Transition Pathways (CTP) has been designed to enable an organisation transition to a low-carbon economy via accreditation.
WTW note that the framework is consistent with the Paris Agreement, the Science Based Target initiative and the EU Sustainable finance taxonomy.
It’s also noted that Liberty Specialty Markets and SCOR recently expressed public support for CTP.
“Following COP26, today’s announcement demonstrates the wider industry support which is building for Climate Transition Pathways,” said Graham Knight, Global Head of Natural Resources.
“CTP was designed to help companies wishing to transition to a low-carbon economy and we are absolutely delighted to see more insurers supporting the framework.
“We are urging businesses to start planning now for future changes to access capacity and capital to ensure your organisation can have continued access to insurance for companies committed to transition. By supporting our clients in this way, we are also helping to create a sustainable future for the energy sector.”
Hugh Sturgess, CEO of Arch Insurance International, added, “We are delighted to announce our commitment to the Climate Transition Pathways.
“The accreditation framework offers companies a clearly defined, credible mechanism, aligned with the Paris Agreement, to support the transition to a low-carbon environment. We are proud to play our part in supporting this important industry initiative, alongside Willis Towers Watson and others.”
Richard Coulson, CEO Insurance & UK Chief Underwriting Officer, Fidelis, commented, “We are committed to supporting a just, material and measurable transition to a low-carbon economy.
“The Climate Transition Pathways accreditation will allow insurers access to reliable data on companies plans and progress towards their stated decarbonization objectives.”