Willis Towers Watson (WTW) has confirmed that SCOR is the latest major carrier to align capacity to support the Climate Transition Pathway (CTP) solution, an accreditation framework that helps insurers and financial institutions to identify businesses with robust low-carbon transition plans aligned to the Paris Agreement.
SCOR is the second major insurance organization to sign up to the CTP accreditation model, following the recent announcement that Liberty Specialty Markets had become the first insurer to support the framework.
Graham Knight, global head of natural resources at WTW, explained that the framework was designed to help organizations looking to transition to a low-carbon economy. Those that gain the accreditation can get access to insurance capacity and capital to support their orderly transition and help them meet their low-carbon commitments.
“At Willis Towers Watson, we are committed to helping our clients in a sustainable way,” said Knight. “We are absolutely delighted to see more insurers supporting the framework. Climate Transition Pathways was designed to help those organizations wishing to transition to a low carbon economy and we are absolutely delighted to see more insurers supporting the framework.”
Olivier Perraut, chief underwriting officer, specialty insurance at SCOR, described the CTP as an important way to support clients in transforming their business models and aligning them to the objectives of the Paris Agreement
“Our conviction is that we, re-insurers and SCOR, in particular, have an essential role to play in insuring the energy transition,” Perraut continued.
Knight added that the latest announcement “is another step towards ensuring we can provide continued access to insurance for companies committed to transition as well as a greater level of certainty around the future availability of risk capacity. By helping our clients in this way, we are helping to provide a sustainable future.”