Lloyd’s of London released its climate action roadmap. While it includes some welcome steps, Lloyd’s falls short of tackling its role in the climate crisis.
Acknowledging the scale of the climate crisis while continuing to profit from insuring coal, oil and gas projects is unethical, at best. But that’s exactly what Lloyd’s is doing. Lloyd’s -along with AIG and Tokio Marine – remains an insurer of last resort for coal mines and power plants that are destroying the planet and killing people. This cannot be ignored or greenwashed over. While we welcome Lloyd’s commitment to develop new risk transfer solutions for green innovation, addressing the climate crisis at scale requires the global insurance industry to immediately stop insuring all thermal coal and all new oil and gas development, and divest its $30 trillion capital from fossil fuels and direct those towards sustainable investment opportunities.Lindsay Keenan, European Coordinator for Insure Our Future