In this article from Strategic Risk covering her keynote speech at the Dubai World Insurance Congress, Vicky Carter, Chairman, Global Capital Solutions, International, discusses how the insurance industry plays a key role in helping the world deal with climate change.
“Due to the climate crisis, the risk landscape has been transformed over the last two decades, and with 90% of the world’s global economy being committed to decarbonization, the climate crisis is on everyone’s agenda,” she said. “We are on a trajectory to exceed the 1.5-degree threshold, as well as many other related tipping points by the early 2030s—so insurance has a unique role to play in enabling, investing in and convening to support multiple industries as they take climate-positive action in the transition to a more resilient future.”
In terms of the industry’s contributions, she mentioned offshore wind and solar as leading solutions, with established insurance markets. She is now seeing demand increasing in technologies such as carbon construction and storage (CSS), hydrogen, sustainable fuels, low-carbon construction, and more recently, a growing demand for carbon offset credits insurance.
“One area of major opportunity in this respect is green energy… This is especially true in this region where significant investments into hydrogen are being made by the energy majors,” Vicky continued. “An exceptional opportunity exists for our industry to support this expansion and facilitate the shift toward sustainability.”