"Patrick Tiernan, who took over as CEO from John Neal in June, said the corporation would no longer discourage insurers operating in the market from underwriting coal and other fossil fuel projects. In comments to the Financial Times, he said Lloyd's planned to give its insurers more freedom, adding that we respect the laws of the land in the countries where they operate and the corporation defers to the energy mix that the government of [a] jurisdiction chooses."
"In a statement on the Lloyd's website, Tiernan said: We must remain apolitical. Our neutrality is part of our value. In a world of strained trade relations, Lloyd's licence network can be a safe harbour. As well as announcing sweeping trade tariffs, Donald Trump has been expanding oil, gas and coal production, ordering companies to drill, baby, drill while ditching green energy programmes."
"In recent years, Lloyd's warned of an increase in the frequency and severity of climate change-related weather disasters, ranging from the devastating California wildfires to huge floods in Texas this year. The corporation started divesting from coal in 2018. Tiernan's predecessor Neal was criticised for being slow to act but in a lengthy report in 2020, Lloyd's pledged to start to phase out insurance cover for, and investments in, thermal coal-fired power plants, thermal coalmines, oil sands, or new Arctic energy exploration activities."
Lloyd's will no longer discourage insurers operating in the market from underwriting coal and other fossil fuel projects and will defer to the energy mix chosen by each jurisdiction. The corporation emphasizes remaining apolitical and presents its licence network as a safe harbour amid strained trade relations. Lloyd's warned of growing threats from an acceleration of extreme weather events and cited past actions including divesting from coal in 2018. A 2020 pledge committed to phasing out cover and investments in thermal coal, oil sands, and new Arctic exploration but stopped short of mandating divestment.
Read at www.theguardian.com
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