The London Market Group (LMG) has published a report called “No Insurance, No Sustainable Future” to highlight the industry’s role in the transition to net zero.
“To keep global warming to no more than 1.5°C – as called for in the Paris Agreement – global emissions need to be reduced by 45% by 2030 and reach net zero by 2050,” wrote LMG chair and AXA XL’s Sean McGovern in the report’s foreword. “Central to this vision is the growth of green projects – initiatives, technologies, and infrastructures that reduce carbon emissions and promote renewable energy.
“While people often talk about green finance as the main driver of these projects, insurance is a crucial but often overlooked partner. In this report, we showcase how insurance – and the London Market in particular – is a key partner in unlocking, promoting, and facilitating the transition to net zero, both in the UK and across the globe.”
According to the LMG report, which was written by Oxbow Partners and featured 15 case studies from participating companies, insurance does the following across the lifecycle of green projects:
“Insurance isn’t merely an occasional player; it is a dedicated partner,” McGovern said in a release. “These endeavours require consistent and multi-faceted support and, with its vast expertise in managing risks across diverse sectors, the insurance industry is well-positioned to foster confidence in green projects throughout their lifespan.”
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