LONDON (Reuters) – Lloyd’s of London will phase out investments and ask its members to end underwriting in thermal coal power plants and mines, oil sands and new Arctic energy exploration activities, it said in its first sustainability report on Wednesday.
The commercial insurance market has around 100 syndicate members, for which it also acts as regulator.
It has previously said it left decisions over underwriting and investment strategy to its members.
But other regulatory bodies, such as the Bank of England, have stressed the risks of climate change for financial institutions.
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The Lloyd’s Corporation and its members will end new investment in thermal coal-fired power plants, thermal coal mines, oil sands and new Arctic energy exploration activities from Jan. 1, 2022, Lloyd’s said in a statement.
It would phase out existing investment in companies which derive 30% or more of their revenues from those sectors by the end of 2025.
Lloyd’s also said it was asking its members to stop providing new insurance cover for thermal coal, oil sands, or new Arctic energy exploration from Jan. 1, 2022, with a target date of Jan. 1, 2030 to phase out the renewal of existing cover.
“This is the first time we have set an ESG (environmental, social and governance) strategy for the Lloyd’s market and it represents an important milestone on the journey towards building a more sustainable future,” Chairman Bruce Carnegie-Brown said in the statement.
Reporting by Carolyn Cohn; Editing by Franklin Paul and Bernadette Baum