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Lloyd’s roadmap
for climate action

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Insuring a sustainable, greener future

Climate change is the largest, most challenging crisis the world has faced. It is a systemic risk which affects financial stability, broader economic resilience, human prosperity and creates uncertainty for the future of our planet.To support the global transition to a low-carbon economy, Lloyd’s Futureset is exploring the risks, challenges and importance of decarbonisation across industry, transport and energy.

Our roadmap

Insurance not only protects businesses against the evolving impacts of climate change, but it also provides the vital protection needed to enable cross-industry climate innovation. Lloyd’s and the global insurance industry must act on the urgent and once-in-a-generation opportunity to support and accelerate the transition towards a more sustainable, greener future.Outlined in our roadmap, you will find the commitments Lloyd’s and the Sustainable Markets Initiative Insurance Task Force have identified to empower brave decision making by businesses and their insurers.

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Decarbonisation by sector

Each sector identified below - industry, transport and energy – play a critical role, individual and combined in the world’s united journey to rapidly decarbonise and protect the future of the planet.We outline the global pathway that must be taken to towards a lower carbon footprint and explore the challenges on that journey that require solutions and support

Lloyd's climate thumb greener industry

Greener industry

Explore how the construction industry can decarbonise, and how green finance initiatives can help guide the way to a cleaner, more sustainable future.

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Greener transport

Explore the challenges facing the aviation industry, the hidden risks of electric vehicles, and how maritime transport can go green.

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Greener energy

Sustainable energy is vital for the future of all sectors, but it comes with its own risks. Discover the challenges facing wind, nuclear and hydrogen power – a new energy source with massive potential.

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Case studies

Together for a green transition

In the critical fight against climate change, brave innovators, experts and leaders are making difficult decision and stepping forward in the face of adversity to accelerate the green transition.

Lloyd’s Futureset sat down with businesses from the industry, transport and energy sectors to discuss their progress and celebrate achievements.

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The global insurance industry

Actions collectively taken by the whole global insurance ecosystem.

The Sustainable Markets Initiative (SMI) Insurance Taskforce

Actions delivered by Lloyd’s and other global insurance firms through the SMI Insurance Task Force

Lloyd’s

Actions which Lloyd’s will take, in conjunction with market participants, to accelerate change

Lloyd's climate greener industry

Greener Finance

The global insurance industry

  • Direct capital towards climate-positive solutions through integrating ESG factors into investment decisions and identifying impact investment opportunities. 
  • Work with investors and governments to provide financing structures to support disaster response and recovery in developing countries.

The Sustainable Markets Initiative (SMI) Insurance Taskforce

  • Develop a consolidated industry-wide framework to accelerate investment in long-dated green assets, supporting climate innovation and the transition to renewable energies. 
  • Develop and pilot a framework to support disaster response and recovery in developing countries, to increase preparedness for, and limit the impact of, extreme weather events in vulnerable nations.

Greener Construction

The global insurance industry

  • Incentivise customers to lower their buildings’ carbon footprint, and introduce 'build back better' wordings in policies.

The Sustainable Markets Initiative (SMI) Insurance Taskforce

  • Incentivise customers to lower their buildings’ carbon footprint, and introduce 'build back better' wordings in policies.

Lloyd’s

  • Conduct targeted research to understand the risk profile of new construction materials and techniques, exploring the insurance implications and opportunities for new or evolved risk solutions.
Greener transport

Electric Vehicles (EVs)

The global insurance industry

  • Refine insurance products to reflect evolving business models of automotive companies, covering full-lifecycle solutions.

The Sustainable Markets Initiative (SMI) Insurance Taskforce

  • Design an innovative EV insurance product to address emerging protection gaps as new risks emerge and vehicle business models evolve.

Jet Zero and Greener Maritime

The global insurance industry

  • Understand the risk implications of technological advancements and alternative fuel sources to ensure that insurance products can evolve in tandem.

The Sustainable Markets Initiative (SMI) Insurance Taskforce

  • Work closely with the SMI Aviation and Shipping task forces to identify critical insurance coverage for emerging risks and new technologies.

Lloyd’s

  • Provide a platform for dialogue between customers and insurers operating in aviation and marine to understand the specific challenges customers are facing and develop insurance coverage for emerging risks, in particular those associated with retrofitting of the global fleet to drive operational efficiency.
Greener energy

Offshore Wind

The global insurance industry

  • Expand offshore wind sector coverage to meet additional demands driven by technological advancements.

The Sustainable Markets Initiative (SMI) Insurance Taskforce

  • Develop a consolidated framework to accelerate and scale insurance industry investment into long-dated green assets to support offshore wind.
  • Provide a platform for a co-ordinated financing approach between the insurance industry, offshore wind operators and private investors.

Lloyd's

  • Commit to expanding coverage to ensure capacity constraints do not limit the growth of the industry.

Nuclear

The global insurance industry

  • Further expand nuclear coverage to meet demands for additional capacity driven by emerging regulation and growth in nuclear capacity.

Lloyd's

  • As the global leader in nuclear energy insurance, provide a platform for co-ordinated action between the insurance industry, civil nuclear sector and government.

Hydrogen

The global insurance industry

  • Work with corporates across the hydrogen value chain to better understand key challenges and opportunities for specialist cover.

The Sustainable Markets Initiative (SMI) Insurance Taskforce

  • Work closely with the SMI Hydrogen Task Force to develop insurance coverage for innovative or prototypical hydrogen technologies and infrastructure.

Lloyd's

  • Lead research into hydrogen risks to identify where specialist coverage is needed across the value chain.
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