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Lloyd’s takes steps to accelerate transition to net zero carbon

29th July 2021 - Author: Luke Gallin

The specialist Lloyd’s insurance and reinsurance marketplace has unveiled a new climate action roadmap as the entity looks to work with critical industries to help accelerate the pace of change as the need for net zero carbon intensifies.

climate-changeToday, Lloyd’s has released a new report, Insuring a sustainable, greener future, as well as provided some information around its climate action roadmap.

The roadmap includes numerous practical steps that the marketplace says will “help accelerate the transition of multiple industries to net zero carbon.”

Lloyd’s expects many of the actions outlined in its roadmap to be delivered at pace in 2021, via the Lloyd’s-chaired Sustainable Markets Initiative (SMI) Insurance Task Force.

Such actions include the establishment of new risk transfer products to provide valuable support for green innovation and renewable energy investment and expansion, as well as public-private disaster resilience, response and recovery framework, explains Lloyd’s.

RMS

The report explores what the Lloyd’s market is doing now and what actions it will take in the future, across the themes of greener industry, transport, and energy.

Lloyd’s intends to collaborate with critical industries to enhance their knowledge around risk landscapes and help the risk transfer sector adapt to meet evolving clients needs.

With this is mind, the marketplace is committed to expanding its coverage to support to growth of the greener energy sector and has plans to facilitate the development of new solutions for electric vehicles.

“There is an ever-more pressing need for a coordinated global effort across industries to effect the monumental transformation needed to address the climate challenge. Lloyd’s is proud to play a role, together with the global insurance industry, in partnering with sectors to provide the risk management solutions and investment that will help enable and accelerate the necessary changes and drive action towards a more sustainable world,” said Chair of Lloyd’s and the SMI Insurance Task Force, Bruce Carnegie-Brown.

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