Challenging market shifts continue to impact the energy industry in so many complex ways.
Energy leaders from across the globe gathered on January 12th in Houston, TX for Marsh’s 2023 Annual Energy Symposium to discuss the state of the industry, review 2022 outcomes and preview anticipated challenges and possible solutions for 2023.
Key takeways:
- Net Zero Insurance Alliance is committed to transitioning all operational and attributable greenhouse gas (GHG) emissions from its insurance and reinsurance underwriting portfolios to net-zero emissions by 2050.
- Net Zero Insurance Alliance theory of change based on corporate action drives emissions and insurance needs to find ways to support change via neutralization, abatement and compensation.
- The importance of understanding the energy trilemma which is comprised of:
- Energy security
- Environmental sustainability
- Energy equity
- As companies across sector and geography create environmental, social, and governance (ESG) frameworks, we will see economic and ESG goals woven together. The result with be an economy that focuses on improving the welfare of all stakeholders which will drive improvements in resilience, advancements in diversity, equity, and inclusion (DEI), improvements in lives and communities while also advancing economic growth
- Some of the top concerns for underwriters regarding power generation and renewables include:
- Wildfire liability
- Perfluoroalkyl and polyfluoroalkyl substances (PFAS)
- Failure to supply
- Punitive damages
