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Lloyd’s Insurance Unveils New Climate Action Roadmap

Lloyd’s insurance and reinsurance company has unveiled a new climate action roadmap as it continues moves to work with critical industries to help accelerate the pace of change as the need for net zero carbon intensifies.
The risk underwriting company on Thursday released a new report ‘Insuring a sustainable, greener future’ and provided some information around its climate action roadmap.

According to the specialist insurance and reinsurance company, the roadmap includes numerous practical steps that will “help accelerate the transition of multiple industries to net zero carbon.”

The report indicated that Lloyd’s expected many of the actions outlined in its roadmap to be delivered at pace in 2021 through the Lloyd’s-chaired Sustainable Markets Initiative (SMI) Insurance Task Force.

Among the actions to be taken towards the realization of the roadmap targets include the establishment of new risk transfer products to provide valuable support for green innovation and renewable energy investment and expansion and public-private disaster resilience, response and recovery framework, amongst others.

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

The company, through the report, also stated its intention 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 company 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.

Commenting on the roadmap, the Chairman of Lloyd’s and the SMI Insurance Task Force, Bruce Carnegie-Brown said: “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”, he added.

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