Lloyd’s of London Begins Exit From Fossil Fuels
On December 16 Lloyd’s of London stated that it was reducing its exposure to coal and oil sands, according to its first sustainability report. In a statement, Lloyd’s said that Lloyd’s Corp. and its members would stop new investment in thermal coal-fired power plants, thermal coal mines, oil sands and new Arctic energy exploration activities from January 1, 2022, while also phasing out investment in companies with more than 30 percent of their revenues from these areas by the conclusion of 2025.
“This is the first time we have set an ESG (environmental, social and governance) strategy for the Lloyd’s market and it represents an important milestone on the journey towards building a more sustainable future,” said Lloyd’s Chairman Bruce Carnegie-Brown.
“As a market made up of more than fifty insurance undertakings, we underwrite some of the most exciting innovations, and protect against the impacts of the most devastating catastrophes,” Carnegie-Brown said. “As the world slowly emerges from the impacts of the COVID-19 pandemic, it does so with an enormous opportunity to take positive action to build back better.”