Arch Insurance International and Fidelis Insurance have become the latest to adopt Willis Towers Watson’s Climate Transition Pathways (CTP).
The pathway offers insurance companies and other financial institutions an accreditation framework, providing “a consistent approach to identifying businesses with robust low carbon transition plans aligned to the Paris Agreement”. Organisations seeking to transition to a low-carbon economy can apply for accreditation.
“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,” explained Graham Knight, WTW’s global head of natural resources.
“By supporting our clients in this way, we are also helping to create a sustainable future for the energy sector.
The support from the two Bermuda group subsidiaries follows the recent announcement that Liberty Specialty Markets and SCOR had become the first insurers to support CTP.
“We are delighted to announce our commitment to the Climate Transition Pathways,” said Hugh Sturgess, CEO of Arch Insurance International. “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 of insurance and 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 decarbonisation 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.”
Arch Insurance International, Fidelis Insurance, Willis Towers Watson, Climate Transition Pathways, CTP, low carbon, Paris Agreement, North America