Lloyd's market to quit fossil fuel insurance by 2030
- Dec 29, 2020 9:52 am GMT
Last week, the Lloyd's of London, the world's oldest and biggest insurance market, under pressure from stakeholders, finally joined the climate change movement and adopted a new policy to "stop insurance cover for coal, oil sands and Arctic energy projects by January 20222 and to pull out of the business altogether by 2030". See below the article in The Guardian.
This means that one year from now energy companies trying to get new projects going in coal, oil sands and the Artic will have to look elsewhere for insurance - knowing that most major global insurers have already stopped providing coverage for such projects. For existing projects, coverage will be phased out progressively.
This is extremely significant - boards have to stand up and take notice. There is no going back. Climate Change and energy transition need to be at the top of the agenda.
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