Lloyd's asks what next for climate change
In a new report published today - What next for climate change? – Lloyd's market experts highlight the key projects insured in the market that will contribute towards a sustainable future. This includes ‘waste to energy' plants, which burn household and industrial waste to give off gas and generate electricity, and wind farms, which are proving a major source of renewable energy.
The report, Lloyd's second on climate change this year, reveals that the Lloyd's market provides about a third of insurance for waste to energy plants, and covers about a quarter of the world's wind farms. Lloyd's is also setting up a new team of experts to help its insurers prepare for and manage the growing risk of climate change.
Trevor Maynard, Lloyd's manager of emerging risks who will lead that team, said: “Climate change is a very real threat. It would be unthinkable for us to ignore one of the biggest dangers we face in the coming decades. Among other things, this market recognises the importance of developing new technology to create renewable energy.”
He added: “At Lloyd's, we will help to keep the market up to date with all the latest findings and thinking on climate change, analyse the resulting risks, and spread best practice to help every market firm deal with them. Adapting to climate change should become business as usual.”
