French reinsurer Scor is providing capacity to support Willis Towers Watson’s (WTW) Climate Transition Pathway (CTP).
The move follows that, previously announced, by Liberty Specialty Markets.
CTP is an accreditation framework that provides insurance companies and financial institutions with a consistent approach to identifying businesses with robust low carbon transition plans aligned to the Paris Agreement.
According to WTW, the CTP will provide help to organisations wishing to transition to a low carbon economy.
Companies achieving accreditation will have the opportunity to access insurance capacity and capital to support their orderly transition and help them meet their low-carbon commitments.
Commenting on the move, Graham Knight, global head of Natural Resources, said: “At WTW we are committed to helping our clients in a sustainable way. Climate Transition Pathways was designed to help those organizations wishing to transition to a low carbon economy and we are absolutely delighted to see more insurers supporting the framework.”
“Today’s announcement is another step towards ensuring we can provide continued access to insurance for companies committed to transition as well as a greater level of certainty around the future availability of risk capacity. By helping our clients in this way, we are helping to provide a sustainable future.”
Olivier Perraut, CUO of Specialty Insurance at SCOR added: “Our conviction is that we, re-insurers and SCOR, in particular, have an essential role to play in insuring the energy transition. We believe this Climate Transition Pathway approach is an important way to support our clients in their own commitments to follow credible transition pathways as they transform their business model and align to the objectives of the Paris agreement.”