Lloyd’s staff targeted by pressure group seeking ban on underwriting fossil fuels

The Lloyd’s Market is being targeted by a pressure group intent on making it stop underwriting fossil fuels including any coal projects and any new oil and gas projects.

The Market is the latest part of the risk transfer industry globally to be pursued by such pressure groups, which often target both employees and investors as they pursue their aims.

The Insure Our Future campaign, which aims to make coal and other fossil fuels uninsurable, has launched a website calling on Lloyd’s to strengthen its ESG policy and stop insuring coal and new oil and gas projects that exacerbate climate change.

Insure our Future said that Lloydsinsureourfuture.com provides a gateway to action for “the growing global network of organisations and individuals, including Lloyd’s own staff, who want Lloyd’s to stop insuring the world’s worst fossil fuel projects and remove the gaps and loopholes in its ESG policy”.

The website provides information and guidance for concerned staff at Lloyd’s who are encouraged to speak up to help Lloyd’s transform. It also details examples of projects known to be insured at Lloyd’s that the group says are not compatible with achieving the goals of the Paris agreement.

These projects include the Adani Carmichael coal mine, Trans Mountain tar sands pipeline, coal mining in Poland and exploratory oil drilling in The Bahamas.
Lindsay Keenan, European campaigner, Insure Our Future, said: “Bruce Carnegie-Brown, the chairman of Lloyd’s Council, has the responsibility to set fossil fuel exit policies for the Lloyd’s market that align with the Paris Agreement.

“He has not done so. Instead, Lloyd’s continues to tout its weak ESG policy while supporting fossil fuel projects that more responsible insurers have dropped due to their climate impact. Carnegie-Brown should focus less on cricket and more on showing real leadership on Lloyd’s climate policy.”

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