Arch Insurance International and Fidelis Insurance have endorsed the Willis Towers Watson (WTW) Climate Transition Pathways (CTP) carbon emissions accreditation framework.

They join Liberty Specialty Markets and SCOR, which had already backed the framework which provides insurers with a consistent approach to identifying organisations that have robust emission transition plans.

Organisations that achieve accreditation through the framework have the opportunity to access insurance capacity and capital to support their orderly transition and help them meet their low-carbon commitments, WTW says.

“By incubating CTP, we are helping lead the industry in ensuring these organisations are supported through an orderly transition and can continue to access insurance and benefit from a greater level of certainty around the future availability of risk capacity," WTW climate and resilience hub head Rowan Douglas said.

The CTP provides insurance companies and financial institutions with a consistent approach to identifying businesses with robust low-carbon transition plans.

Arch CEO Hugh Sturgess said CTP offers companies a clearly defined, credible mechanism.

“We are proud to play our part in supporting this important industry initiative, alongside Willis Towers Watson and others,” he said.

Fidelis CEO Insurance & UK Chief Underwriting Officer Richard Coulson said the CTP would allow insurers access to reliable data on companies plans and progress towards their decarbonisation objectives.

“This will give us the opportunity to support those who are best in class, as well as those who are genuinely working in earnest to complete and execute a plan on how to drastically reduce their carbon footprint within a reasonable timeframe,” he said.