Prince Charles partners with insurance firms to tackle climate change
Prince Charles has teamed up with the Lloyd’s of London insurance market to launch a task force aimed at transitioning the industry to a net zero economy.
The task force will be chaired by Lloyd’s, with support from Charles’ Sustainable Markets Initiative.
It will include the chief executives of insurance firms such as AXA, Allianz, Aon and Legal & General.
The Prince of Wales has spent much of his life campaigning for governments and businesses 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.
“(I am) 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 scale back on investment and underwriting in fossil fuels.
Lloyd’s of London chairman Bruce Carnegie-Brown told Reuters: “The industry as a whole has come together around this, (Charles) is holding our feet to the fire in terms of our delivery.”
The task force will draw up a plan of action ahead of the COP26 climate conference in Glasgow in November.
It aims to set up a public-private framework to boost protection from the impact of climate change and to help insurers make investments more sustainable.
Prince Charles hosted a meeting of bosses from some of the world’s leading firms earlier this month, telling them business and private sector finance was essential to solving the climate crisis.