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LLOYD'S CONSULTATION REVEALS LACK OF CREDIBLE TRANSITION PLANS IN FOSSIL FUEL
SECTOR, UNDERWRITERS HESITANT AMID GROWING CLIMATE RISK




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On 23rd November 2023, Lloyd's launched a consultation on its 3-year roadmap for
insuring the transition to a lower-carbon economy.

This acknowledged that effectively planning and executing on transition is one
of the greatest challenges businesses will face in the coming years, with the
roadmap suggesting milestones through 2026 for underwriting, exposure
management, capital & reserving, and investments. A first market survey is
imminent, aiming to assess the capabilities and maturity of managing agents'
approach to climate change.

Lloyd’s has provided these agents - who manage underwriting syndicates - with an
open-source Client Transition Plan Credibility Framework to help structure
discussion and understand a client's alignment to net zero.

Preliminary results from the consultation suggest that early adopters of the
tool find no evidence of credible transition plans in the fossil fuel sector,
which is reducing its lower-carbon investments while boosting dividends. As a
result, underwriters are unwilling to carry the risk. In a shrinking market,
investments in new fossil fuel sources look especially vulnerable.



> “Lloyd’s is committed to building society’s understanding and resilience
> around systemic risk and protecting our customers against increasing climate
> threats. It is critical that our market continues to collaborate with the
> public and private sectors to address this challenge at scale and ensure a
> sustainable future for all.
> 
> "We will continue to use our convening power to support global risk
> resilience, providing risk transfer solutions to support companies and
> countries in their transition goals.”

John Neal, Lloyd's CEO


CONTACT US

Although this statement is not made by Lloyds insurance, it is to highlight
their lack of actions and transparency despite their public commitments. As such
we think you should contact them and let them know what you think of this, ask
them any questions you have.

Send them an email or let them know on social media :


ESGenquiries@lloyds.com


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Disclaimer

This is a satirical statement on behalf of Lloyd's insurance - we are deeply
disappointed with their lack of action, greenwashing statements and press
releases. The resemblance to Lloyd's website is intended for satirical effect.
This press release was issued by Digital Rebellion as part of 2024's Global Week
of Action against insurers of fossil fuel projects.
The only part that is not true is that Lloyd's have yet to analyse the results
of their roadmap consultation: the CEO's comments are genuine, consultation
happened, and there is an obligation for "managing agents" (who manage the
underwriting syndicates) to adopt the (open-source) "Client Transition Plan
Credibility Framework" in reviewing net zero plans. All links to the
International Energy Agency are current - lack of fossil fuel companies'
credible transition plans, profiteering, a shrinking oil market - which is why
environmentalists worldwide are urging insurers to stop backing fossil fuel
projects, especially new ones.
To contact us on this subject:
Email: press@extinctionrebellion.uk Phone: +44(0)7756136396

This is not Copyrighted. This is not a registered trademark. This is refering to
Lloyds.com insurance, but in no way associated.