Lloyds of London finally agrees to divest from coal
Insurance giant Lloyds of London has promised to end investment in coal, oil sands and fossil fuel exploration in the Arctic, following years a pressure from climate campaigners.
Lloyds of London s members have previously supported projects like the Adani thermal coal mine in Australia
The commitment was made in the firm’s first comprehensive ESG strategy, published earlier this week. It will see Lloyds of London will end new investments in the most aggressive forms of fossil fuel extraction by 1 January 2022, and phase out existing investments through to the end of 2025.
Caving to pressure from climate action campaigners, Lloyd s of London, announced it will no longer cover coal-fired power plants and mines, tar sands, or Arctic energy exploration activities from January 2022 onward, with plans to fully phase out such businesses by 2030
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Date: 27 May 2021
Lloyd’s Moves to End Insurance and Investments in Coal for Climate Sustainability
The Lloyd’s market is moving to end its insurance of coal and oil sands businesses while at the same time ceasing investments in such carbon-producing assets by Jan. 1, 2022.
As part of its plan to accelerate the transition to a more sustainable insurance and reinsurance marketplace, Lloyd’s has developed a market-wide strategy that aims to align with the United Nations’ Sustainable Development Goals and supports the principles included in the Paris Agreement on climate (which marked its fifth anniversary in December 2020).
A major part of its sustainability strategy is to ask Lloyd’s managing agents to phase out new insurance cover for thermal coal-fired power plants, thermal coal mines, oil sands or new Arctic energy exploration activities from Jan. 1, 2022. The strategy also includes ending new investments in these areas by Lloyd’s market participants and by the Corporation of Lloyd’
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