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LONDON, June 24 (Reuters) - Britain's Prince Charles and the
Lloyd's of London insurance market launched a task
force on Thursday to help the industry make the transition to a
net zero economy.
The task force is chaired by Lloyd's, with support from
Charles' Sustainable Markets Initiative. It includes the chief
executives of insurance firms such as AXA, Allianz
, Hiscox, Aon and Legal & General
.
Charles, 72, has spent much of his life campaigning for
business and governments to take notice of environmental issues.
"The insurance industry is exceptionally well placed to
understand the impact of climate change and the damage it can
cause to us all if we don’t take action now", Charles said.
He was "so pleased that a large number of the world’s
leading insurance companies have joined together to identify how
the insurance industry can help put Nature, People and the
Planet at the heart of our entire economy".
Insurers are under pressure to cut back on investment and
underwriting in fossil fuels.
"The industry as a whole has come together around this
...(Charles) is holding our feet to the fire in terms of our
delivery," Lloyd's of London chairman Bruce Carnegie-Brown told
Reuters.
The task force plans to draw up a plan of action ahead of
the COP26 climate conference in Glasgow in November,
Carnegie-Brown said.
It aims to set up a public-private framework to boost
protection from the impact of climate change in developing
countries and to help insurers make investments and supply
chains more sustainable.
It also wants to develop insurance products to support
sustainable industries such as hydrogen and offshore wind.
Charles hosted a meeting of bosses from some of the world’s
leading companies earlier this month, telling them business and
private sector finance were essential to solving the climate
crisis.
(Reporting by Carolyn Cohn; Editing by Giles Elgood)
