How insurers are assisting with the energy transition
How insurers are enabling a “less volatile” transition away from fossil fuels is the focus of the second of two special Insurance Post Podcasts, to coincide with the 2024 United Nations Climate Change Conference, more commonly known as COP29.
At COP 28, the UAE Consensus recognised the need for rapid and sustained emissions reductions. Gus Majed, group CEO and founder of Paratus, tells podcast host Scott McGee that the insurance sector is now looking at targeted cover for the cost side for adoption of greener energy and price risk insurance.
He said lessons had been learned from the speedy retreat from investing in gas and oil before the Covid-19 pandemic, given the economy’s reliance on these fuels.
Majed said: “A lot of traditional funding into fossil fuels fled, and what subsequently happened was record power prices, gas prices, inadvertently.
“What the insurance industry is seeing now is a realignment and more pragmatism between capital and risk. Now, innovation is going to be the key moving forward.”
During the podcast, Ian Gibbs, national technical manager of Sedgwick, and Majed also unpick the agenda for COP 29, which is about adaptation and developing more specifics on how countries will put in place measures to cope with and minimise the unavoidable impacts of climate change.
Sharing his hopes for COP 29, Gibbs said there will be challenges and opportunities if it sets more ambitious targets, given that the construction industry is a huge contributor to the insurance sector’s carbon footprint.
He said: “I think it will be exciting if the pedal is pushed a bit harder on the accelerator.”
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