More insurers sign up to support the energy transition and the Climate Transition Pathway (CTP) accreditation framework developed by Willis Towers Watson.
WTW today announces that SCOR have signed up to align capacity to support the Climate Transition Pathway (CTP) solution, 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. This follows on from the recent announcement that Liberty Specialty Markets had become the first insurer to support the CTP.
SCOR is the latest insurer to sign up to the CTP accreditation model. It 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.
Graham Knight, Global Head of Natural Resources, said: “At Willis Towers Watson 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, Chief Underwriting Officer Specialty Insurance, SCOR says “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.”