Chubb creates resource hub to navigate new oil & gas standards
Global property/casualty insurer Chubb has launched the Chubb Methane Resource Hub, a digital resource offering information and insights for measuring and mitigating methane emissions.
The initiative draws on technical expertise and guidance from the Environmental Defense Fund, Chubb said.
The hub also includes information on regulations and voluntary programmes and features a directory of service providers that offer consulting, data and technology to assist companies with methane emissions reduction programmes.
The hub will assist Chubb-insured clients in navigating the March 2023 introduction of underwriting criteria for oil and gas extraction projects, which require them to reduce methane emissions, a byproduct of oil and gas production that are among the most damaging greenhouse gases. The standards – "the first of their kind in the P&C insurance industry" – require implementation of evidence-based plans to manage methane emissions including, at a minimum, having in place programs for leak detection and repair and the elimination of non-emergency venting. Clients must also adopt one or more measures that have been demonstrated to reduce emissions from flaring.
Keith Marks, executive vice president, Chubb North America Risk Engineering Services, said: "Chubb is actively engaging with our clients to build external partnerships aimed at reducing GHG emissions, while helping oil and gas producers adopt technologies to reduce methane extraction emissions.
"We have benefited from the technical expertise and guidance provided by Environmental Defense Fund, including working with us to evaluate best practices around methane in the oil and gas industry. We look forward to continuing to draw on their expertise as we evaluate emissions reduction opportunities in other high-emitting industries."
Lea Borkenhagen, senior vice president of the EDF + business team at EDF, added: "The insurance sector can play a critical role in encouraging customers to take action on climate mitigation as part of a prudent risk management strategy.
"EDF is pleased to engage with Chubb in its efforts to encourage better methane management practices from its clients. We expect Chubb's leadership to spur other insurance providers to take similar steps in this direction. We look forward to continued engagement with Chubb as the company extends this approach to other critical sectors."
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