Lloyd’s of London has set out plans to help the insurance sector collaborate with critical industries to accelerate the transition to a low carbon economy.

The move comes as the insurance and reinsurance marketplace launches a new sustainability report.

The plans include a number of proposed actions, which Lloyd's said would be "delivered at pace" this year.

These actions include the development of new risk transfer solutions to provide support for green innovation and renewable energy investment and expansion, together with a public-private disaster resilience, response and recovery framework, which will help protect developing nations from the evolving economic and societal impacts of climate change.

The new report details the steps Lloyd’s is taking now, and will take in the future, across the key themes of greener industry, transport, and energy. These include working towards de-risking critical decarbonisation activities, closing protection gaps, and acting as a facilitator to catalyse action across the industry, customers, government, and other key stakeholders.

To help accelerate the pace of change, Lloyd’s said it will work with critical industries to improve the knowledge around risk landscapes and help the insurance industry adapt to meet changing customer needs. As part of this work, the organisation said it is committed to expanding coverage to support the growth of the greener energy sector and will facilitate the development of new insurance products for electric vehicles.

In developing the roadmap, Lloyd’s has engaged with a range of insurers, Lloyd’s market participants, brokers and corporates operating across energy, transport and broader industry to "understand the pathway towards a lower carbon footprint and explore the challenges that require the insurance sector’s support."

“There is an ever-more pressing need for a coordinated global effort across industries to effect the monumental transformation needed to address the climate challenge,” said chair of Lloyd’s and the SMI Insurance Task Force, Bruce Carnegie-Brown. “Lloyd’s is proud to play a role, together with the global insurance industry, in partnering with sectors to provide the risk management solutions and investment that will help enable and accelerate the necessary changes and drive action towards a more sustainable world.”

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