Lloyd’s, which is the world’s biggest insurance market made up of 90 insurance syndicates, commits to ending new fossil fuel investment by 2022.
This includes stopping new investments in coal-fired power plants, coal mines, oil sands and Arctic energy exploration. It will also phase out existing investments in companies that derive 30% or more of their revenues from these areas by the end of 2025.
Insurance is vital for most businesses to operate and is one of the central ways that businesses, organisations, industries and governments manage risk.
Movement away from investment and insurance in fossil fuel businesses signifies the growing way that these industries and affiliated businesses are becoming outmoded.