Natural resources companies expect to invest more in clean energy technology and infrastructure this year, a survey by WTW business Willis shows.

Average spend is likely to rise 34% to more than $US248 million ($389 million), and among the largest companies, almost half intend to invest more than $US500 million ($784 million).

The global survey – which drew 450 responses, including from Australia – found 63% see clean energy as a growth opportunity; 51% rate solar as the top near- and medium-term priority; and every respondent has a clean energy strategy.

In the mining sector, 71% rank growth as a driver of their clean energy push, while 61% say increased revenue is among the most important outcomes.

“The mining sector stands to gain both from production of rare earth materials for clean energy, and efficiencies of generating its own power from renewables,” Willis’ Pacific head of natural resources Matthew Frost said.

“In Australia, some companies are building solar and other renewable plants to supply their energy, particularly in stabilising operation efficiencies and costs in areas where grids are unreliable.”

Survey respondents also flag concerns about insurance coverage. About 53% say blanket exclusions are an obstacle to transferring risks; 48% point to limited duration or inflexibility of insurance; and 47% say there is a lack of suitable insurance products.

“Although the markets have been keen to provide cover for clean energy risks, policies can be expensive and only respond to damage triggers, whereas much of the risk in new technologies lies in factors such as design and performance failure,” the research report says.

“It’s clear from the results that many businesses feel insurance markets need to do more to support their clean energy transition.”