COP26: Insurance brokers critical to success of Chancellor’s net zero plans – LIIBA

Insurance broker body LIIBA has welcomed the Chancellor’s net zero plans, announced at the COP26 summit this week, underlinining the vital role brokers have to play in decarbonisation efforts.

“LIIBA members share the UK government’s sense of urgency in this matter. London market brokers are at the forefront of the drive to achieve net zero by 2050, both in terms of their clients and their own organisations,” Christopher Croft, CEO of LIIBA said.

“LIIBA members share the UK government’s sense of urgency in this matter. London market brokers are at the forefront of the drive to achieve net zero by 2050, both in terms of their clients and their own organisations.”

Commenting on Rishi Sunak’s specific proposal that UK financial institutions and listed companies will have to publish clear, deliverable plans setting out how they will decarbonise and transition to net zero, Croft said that the insurance industry and brokers, in particular, have a key role to play in helping businesses transition to net zero because of their unique position in the economy.

“Brokers understand balance sheet risk, are involved in huge infrastructure projects, international transportation networks and they’ve developed a detailed world-leading understanding of climate risk. Their role in achieving this change will be critical,” he added.

In June, LIIBA published its policy paper Our Role in Net Zero, which made the case that London’s specialist brokers, working closely with insurers, possess a unique combination of skills and expertise that will enable businesses to make the changes necessary to achieve the net reduction in carbon emissions.

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