Lloyd’s launches climate action plan

Lloyd’s of London has set out how the insurance industry will partner with critical industries to support and accelerate the transition to a low carbon economy, with the launch of its new report Insuring a sustainable, greener future.

Alongside the report, Lloyd’s has today set out a climate action roadmap which includes a number of wide-ranging, practical steps that will help accelerate the transition of multiple industries to net-zero carbon. Many of the actions set out in the roadmap will be delivered at pace in 2021, and through the Lloyd’s-chaired Sustainable Markets Initiative (SMI) Insurance Task Force launched last month.

These actions include the development of new risk transfer solutions to provide critical, enabling support for green innovation and renewable energy investment and expansion, together with a public-private disaster resilience, response and recovery framework, which will help protect developing nations from the evolving economic and societal impacts of climate change.

Chair 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.”

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