Governments continue to increase focus on the potential for green growth, as the UK launches a £960 million investment programme. Meanwhile, insurance is going to play a central role in the effective transition to a nature-positive net zero economy, as no projects (and no fossil fuel exploitation) will occur without the appropriate insurance. The EU is currently under fire for failing to make transition plans mandatory for insurers under forthcoming Solvency II regulations, while Lloyds has taken a step forward with the launch of a consultation on the transition.
Insurance groups operating on the Lloyd’s of London market are “climate wreckers of last resort”, a new report has said.
Tipping points are reached when the systems we rely on stop functioning as designed, amplifying the risk of catastrophic impacts. According to new research published by the UNU-EHS, the world is approaching multiple tipping points.
In a scenario where extreme weather events lead to food and water shocks, Lloyd’s estimates that the world stands to lose $5 trillion over a five-year period.
Damage to cables and turbine failure are the main causes of offshore wind insurance claims which risk hampering growth in the sector, a top firm has warned.
German insurer Allianz set intermediate targets months after leaving the embattled Net-Zero Insurance Alliance (NZIA), but campaigners say it needs to step up efforts to phase out fossil fuels.
Amid its efforts to prevent oil exploration in Congo Kinshasa, Greenpeace has found a new target: insurance companies.