A new report from Lloyd’s sets out how the insurance industry will partner with critical industries to accelerate the transition to a low carbon economy.

The climate action roadmap includes wide-ranging and practical steps for multiple industries to achieve net zero carbon, and many of the actions will be delivered at pace this year, and through the Lloyd’s-chaired Sustainable Markets Initiative (SMI) Insurance Task Force launched last month with Prince Charles.

Lloyd’s will work with critical industries to improve the knowledge around risk landscapes and help the insurance industry adapt to meet changing customer needs.

It has committed to expanding coverage to support growth of the greener energy sector, and will facilitate the development of new insurance products for electric vehicles.

Chair of Lloyd’s and the SMI Insurance Task Force Bruce Carnegie-Brown says there is an ever-more pressing need for a coordinated global effort across industries to bring about the “monumental transformation” needed to address the climate challenge.

“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.”

In developing the roadmap, Lloyd’s engaged with a range of insurers, Lloyd’s market participants, brokers and corporates operating across energy, transport and broader industry.

By mobilising, co-ordinating and delivering on these actions, the insurance industry can enable and accelerate the global transition towards a more sustainable world, it says.

Lloyd’s ‘Insuring a sustainable, greener future’ report details the steps the marketplace is taking now, and will take in the future, across the key themes of greener industry, transport, and energy, including working to de-risk critical decarbonisation activities, closing protection gaps and acting as a facilitator to catalyse action.