UK banking giant Lloyds has today published its roadmap detailing how it will be supporting the country’s transition to a low carbon economy. The group will be leading an insurance taskforce that was launched last month alongside Britain’s Prince Charles’ Sustainable Markets Initiative (SMI), channelling its investments into decarbonising three sectors that contribute a large portion of national emissions – energy, transport and heavy industry.
In a statement, chair of Lloyd’s and of the SMI Insurance Task Force Bruce Carnegie-Brown said: “There is an ever-more pressing need for a coordinated global effort across industries to effect the monumental transformation needed to address the climate challenge.”
According to the group, the roadmap paves the way to achieve ‘best practice net zero’ by 2025, with total company emissions reportedly reducing by 27% over the past year.
The roadmap follows the group’s environmental, social and governance (ESG) strategy, which was released late last year, and in which the group outlined their plans to halt investments into coal, oil sands and fossil fuel exploration in the Arctic.
In a statement, the baking group said that it has “engaged with a range of insurers, Lloyd’s market participants, brokers and corporates operating across energy, transport and broader industry to understand the pathway towards a lower carbon footprint and explore the challenges that require the insurance sector’s support.”
Particular attention will be paid to offshore wind, though the group said it will also be looking to support development of the nuclear power sector, as well as green and blue hydrogen industries. For the transportation sector, Lloyds have said it will be looking to accelerate uptake of more efficient fuels in the marine industry, as well as electric vehicles – designing insurance for the latter. On heavy industry, the group has stated it will be supporting offsite modular construction and low-carbon materials, as well as energy saving technologies.