Lloyd’s, the world’s biggest insurance market, has bowed to pressure from environmental campaigners and set a market-wide policy to stop new insurance cover for coal, oil sands and Arctic energy projects by January 2022, and to pull out of the business altogether by 2030. In its first environmental, social and governance report, Lloyd’s, which has been criticised for being slow to exit fossil fuel underwriting and investment , said the 90 insurance syndicates that make up the market would phase out all existing insurance policies for fossil fuel projects in 10 years’ time. Less than 5% of the market’s £35bn annual premiums comes from insurance policies in this area. “We want to align ourselves with the UN sustainability development goals and the principles in the Paris [climate] agreement,” said the Lloyd’s chairman, Bruce Carnegie-Brown. “A lot of syndicates are already doing some of the things we are setting out here but we are trying to create a more comprehensive framework for the whole market.” The Lloyd’s market will also end new investments in coal-fired power plants, coalmines, oil sands and Arctic energy exploration by 1 January 2022, and phase out existing investments in companies that derive 30% or more […]

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