Lloyd’s fossil fuel exit to stimulate Asian insurance
The decision by Lloyd’s of London to exit coverage for the most polluting fossil fuel projects may just spur creation of underwriting capacity elsewhere
Lloyd’s of London’s December announcement that it would end insurance coverage for the most polluting fossil fuel projects is likely to result in boom in local insurance provision in developing markets, especially in Asia, according to industry experts. The world’s largest commercial insurance market announced that its members will stop providing insurance for investment in thermal coal-fired power plants, thermal coal mines, oil sands and new Arctic energy exploration. Managing agents in the Lloyd’s market will no longer be able to start new contracts from 1 January 2022, with a target date of 1 January 2030 for multi-year coverage to end. The result is that coal mining, heavy oils and oil
Also in this section
18 February 2025
Demand for CCS to abate new gas-fired plants is rising as datacentres seek low-carbon power, Frederik Majkut, SVP of industrial decarbonisation, tells Carbon Economist
11 February 2025
Rising prices have added to concerns over CBAM impact on the competitiveness of EU manufacturing
7 February 2025
Norwegian energy company slashes spending on low-carbon sectors as transition decelerates
30 January 2025
The UAE’s oil and gas company puts its faith in technologies including CCS and AI to deliver its emission-reduction goals
