Offshore wind generation of electric power has been an established source of generating clean energy for more than a decade in coastal regions of Europe. More recently, growth in power generation as well as turbine construction projects has grown significantly in the Asia Pacific region. With increased awareness of climate change and the role of renewable energy in fulfilling growth in ESG (environmental, social and governance) mandates, it has become increasingly important to address the inherent risk behind building and operating wind facilities.
In the Brink article, Can Offshore Windfarms Help Address ESG Concerns?, Guy Carpenter’s Tony Gallagher, CEO, Asia Pacific, maintains that the special circumstances in Asia Pacific call for a fresh look at the risks involved in developing and maintaining these projects. As the size and complexity of offshore windfarms continue to intensify, the (re)insurance market will need to expand to provide appropriate coverage opportunities for these facilities.
Guy Carpenter is uniquely positioned to help its clients understand which perils and regions are most at risk due to climate change. Working in tandem with Marsh, Oliver Wyman and Mercer, Guy Carpenter provides services to its clients that span multiple climate-related areas, including transition risk modeling, climate investment portfolio modeling, asset-level resilience surveys and scoring, and commercial due diligence.