Britain’s Prince Charles and the Lloyd’s of London (SOLYD.UL) insurance market launched a task force on Thursday to help the industry make the transition to a net zero economy.
The task force is chaired by Lloyd’s, with support from Charles’ Sustainable Markets Initiative. It includes the chief executives of insurance firms such as AXA (AXAF.PA), Allianz (ALVG.DE), Hiscox (HSX.L), Aon (AON.N) and Legal & General (LGEN.L).
Charles, 72, has spent much of his life campaigning for business and governments 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.
He was “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 cut back on investment and underwriting in fossil fuels.
“The industry as a whole has come together around this …(Charles) is holding our feet to the fire in terms of our delivery,” Lloyd’s of London chairman Bruce Carnegie-Brown told Reuters.
The task force plans to draw up a plan of action ahead of the COP26 climate conference in Glasgow in November, Carnegie-Brown said.
It aims to set up a public-private framework to boost protection from the impact of climate change in developing countries and to help insurers make investments and supply chains more sustainable.
It also wants to develop insurance products to support sustainable industries such as hydrogen and offshore wind.
Charles hosted a meeting of bosses from some of the world’s leading companies earlier this month, telling them business and private sector finance were essential to solving the climate crisis.