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Lloyd's launches climate change plan; accused of "greenwashing"



Lloyd & # 39; s London published a report this week – "Insuring a Sustainable, Greener Future" – and an action roadmap the day after a member of Insurance Rebellion, a protest group that pressured insurance companies to withdraw from the fossil fuel sector , was arrested for throwing a can of green paint over the market's iconic building.

Lloyd & # 39 ;s is targeting various groups that are trying to stop the market from insuring fossil fuel projects because they claim it is not acting decisively or quickly enough to pull out of the sector.

Insurance Rebellion said it carried out its latest attack on the Lloyds building to "highlight the shameless greenwashing carried out by Lloyd & # 39 ;s in London, which continues to insure fossil fuel projects worldwide."

The attack also comes a week after Britain's Prince Charles launched his Sustainable Markets Initiative Insurance Task Force during a visit to Lloyd & # 39 ;s. The SMI Insurance Task Force, convened by Prince Charles and led by Lloyd & # 39 ;s, consists of executives from many of the world's largest insurance and reinsurance companies. The initiative is intended to provide an "influential platform for the sector to collectively promote the world's progress towards a resilient economy without zero."

Bruce Carnegie-Brown, Chair of the Lloyd & # 39; s and SMI Insurance Task Force, stated: . Lloyd & # 39 ;s is proud to work with the global insurance industry to play a role in collaborating with sectors to provide risk management solutions and investments that help enable and accelerate necessary change and drive action towards a more sustainable world.

Together with the new report, the market has also presented a roadmap for climate action, which includes practical steps that it says will help accelerate the transition between multiple industries to carbon dioxide.

A spokesman for Insurance Rebellion said: “Lloyd & # 39 ;s simply pretends to take positive climate action while still enabling large parts of the fossil fuel industry. "The market continues to" insure all oil or gas projects that pay them a sufficiently high premium. They have a policy of excluding coal, but this will not start until next year and they will allow the renewal of coal insurance for another ten years.

Commercial Risk Europe is a sister publication of Business Insurance. More stories from CRE here .

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