Willis Towers Watson today announced their delight that Arch Insurance International have committed to align capacity, and Fidelis Insurance have endorsed Climate Transition Pathways (CTP), an accreditation framework that provides insurance companies and financial institutions with a consistent approach to identifying businesses with robust low-carbon transition plans. This follows on from the recent announcement that Liberty Specialty Markets and SCOR had become the first group of insurers to support CTP.
CTP is designed to help organisations wishing to transition to a low-carbon economy by achieving accreditation. The framework is consistent with the Paris Agreement goals, the Science Based Target initiative and the EU Sustainable finance taxonomy. Today’s announcement that Arch and Fidelis are supporting CTP demonstrates the wider industry support for the accreditation model. This ensures that companies will have the opportunity to access insurance capacity and capital to support their orderly transition and help them meet their low-carbon commitments.
Graham Knight, Global Head of Natural Resources, said: “Following COP26, today’s announcement demonstrates the wider industry support which is building for Climate Transition Pathways. CTP was designed to help companies wishing to transition to a low-carbon economy and we are absolutely delighted to see more insurers supporting the framework. We are urging businesses to start planning now for future changes to access capacity and capital to ensure your organisation can have continued access to insurance for companies committed to transition. By supporting our clients in this way, we are also helping to create a sustainable future for the energy sector.”
Hugh Sturgess, CEO of Arch Insurance International, added: “We are delighted to announce our commitment to the Climate Transition Pathways. The accreditation framework offers companies a clearly defined, credible mechanism, aligned with the Paris Agreement, to support the transition to a low-carbon environment. We are proud to play our part in supporting this important industry initiative, alongside Willis Towers Watson and others.”
Richard Coulson, CEO Insurance & UK Chief Underwriting Officer, Fidelis, added: “We are committed to supporting a just, material and measurable transition to a low-carbon economy. The Climate Transition Pathways accreditation will allow insurers access to reliable data on companies plans and progress towards their stated decarbonization objectives. This will give us the opportunity to support those who are best in class, as well as those who are genuinely working in earnest to complete and execute a plan on how to drastically reduce their carbon footprint within a reasonable timeframe. We welcome Willis Towers Watson’s efforts to develop an industry wide initiative and are excited to our join peers supporting it.”
More information on Climate Transition Pathways can be found at www.climatetransitionpathways.com.
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