Lloyd’s brokers unsure of achieving Net Zero targets: LIIBA

Lloyd’s brokers are concerned about the ability of businesses to meet the Net Zero carbon emissions target by 2050, given the scale of challenges and radical changes involved, and are preparing for "behavioural changes on a huge scale", according to a new report by the  London & International Insurance Brokers’ Association (LIIBA).

LIIBA's study has found that at least 67 percent of brokers are "less confident" that the world will be able to meet its Net Zero commitments.

It also revealed that 18 percent of brokers are involved in the decommissioning of old "dirty" technology while 46 percent are actively seeking cover for new low-carbon technologies.

Chistopher Croft (pictured left), LIIBA’s CEO, explained: “Clearly there’s concern among our members about the scale of the challenge that they and their clients are facing. That’s why we recently published our paper Our Role in Net Zero to get discussions moving and to provide some kind of road map for what is to come. 2050 may seem reassuringly far away but in order to get to Net Zero then we need to be making changes now. Importantly, we have to be setting near-term targets for 2030 and achieving them.”

Richard Dudley (pictured right), chairman of LIIBA chair, said: “In order to achieve Net Zero by 2050, every business will have to institute radical change. Brokers have a vital role to play in that change, both guiding it and facilitating it.

“London’s brokers are not only experts in advising their clients, but also in risk transfer and risk financing. These are areas that will be critical to achieving Net Zero. We’re looking at behavioural change on a huge scale, which brokers are well placed to lead.”

“It’s hard to quantify the scale of the opportunity but it is colossal,” Dudley added.

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