Lloyd’s reaffirms climate goals

Lloyd’s has defended its move towards being a more sustainable marketplace after several individuals from Extinction Rebellion gathered in Leadenhall to dump a pile of fake coal outside the Lloyd's building, to express their ire about the support Lloyd’s provides the fossil fuel industry via insurance and investment.

In a statement, Lloyd’s said: “Lloyd’s is committed to accelerating its transition towards a more sustainable insurance and reinsurance marketplace, and has set out specific actions and commitments to align with the goals of the Paris Agreement.

“We are actively involved in constructive engagement on the issue of climate change and continue to explore the ways in which Lloyd’s can support a responsible transition.”

It added: “We have asked managing agents to no longer provide new insurance cover for thermal coal-fired power plants, thermal coal mines, oil sands or new Arctic energy exploration activities from 1st January 2022. The target date for phasing out the renewal of existing insurance cover for these types of businesses is 1st January 2030.”

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