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Skip to main content * Lloyd's around the world * Contact us Search Menu * About Lloyd’s * Join Lloyd’s market * Market Directory * News & insights * Conducting business * Resources & services Search LLOYD'S CONSULTATION REVEALS LACK OF CREDIBLE TRANSITION PLANS IN FOSSIL FUEL SECTOR, UNDERWRITERS HESITANT AMID GROWING CLIMATE RISK * Home * About Lloyd's * Our impact on societ... * LLoyd's consultation reveal... Back to Our impact on society 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 SUBSCRIBE FOR THE LATEST UPDATES SUPPORT LEGAL 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.