Climate change transition risks
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With mandatory climate disclosures becoming law in the UK, effective from 6 April 2022, and the United States Securities & Exchange Commission announcing its long awaited climate disclosure rule on 21 March 2022, this report provides a snapshot of the approach towards climate disclosures in some of the jurisdictions in which Kennedys operates, before focusing on what this means for our policyholder and insurer clients in the financial lines arena.
From the wildfires sweeping across the United States, to the torrential rain and flooding which has devastated parts of Japan, never have we as a society been more aware of climate change. Here, we look at the impact of rising claims and the insurance industry's response in mitigating climate change risk.
Construction projects are vulnerable to losses. In the UK alone, the increase in frequency and severity of winter storms, flooding, heatwaves or periods of extreme cold all result in additional claims. For those insuring international projects, a detailed understanding of the changing climate in that location is essential. So what can construction insurers do?
This week (13-17 March 2022) has been designated in the Sultanate as ‘Oman Sustainability Week’. OSW is a national platform highlighting Oman’s commitment to sustainability leadership through innovative strategies aligned with the UN Sustainable Development Goals and to elevate Oman as a new model for sustainable development.
The Commercial Hub Practice Direction (Practice Direction No.1 of 2022) came into force on 01 February 2022, replacing the first Practice Direction of 2019. It applies to all current and future commercial actions in the High Court in Northern Ireland and becomes mandatory from 17 March 2022.
The growth of the electric vehicles market in the UK is expected to accelerate ahead of the 2030 ban on new petrol and diesel vehicle sales. But while the benefits of EVs have been discussed at length there are several multifaceted potential risks which are likely to present challenges in establishing where liability and responsibility for recompense rests. Insurers will need to give careful consideration to these emerging risks and related potential claims.
Transport is the single largest contributor to UK carbon dioxide emissions. As part of the UK Government’s strategy to tackle transport emissions, there will be a ban on new petrol and diesel engine cars and vans from 2030. To encourage the uptake of electric vehicles, the Office for Zero Emission Vehicles created the On-street Residential Charge Point Scheme, to increase the availability of on-street charge points in residential streets.
Case review 29/11/2021
In the wake of the COP26 conference and the potential for further climate change litigation, we look at the recent Court of Appeal decision of Jalla & Anr v Shell International Trading & Anr [29. 09.21] which considered the extent to which representative actions may be allowed in mass environmental tort claims.
Impacts of the Spanish Climate Change and Energy Transition Act and EU Taxonomy on financial institutes and their insurers
The Climate Change and Energy Transition Act came into force in May 2021. Assuming the objectives of the EU Green Deal and the Paris Agreement global framework, the new Act provides ambitious regulations to reduce greenhouse gas emissions, promoting transition to renewable energies and energy efficiency models to be implemented in a wide scope of sectors such as energy, transport and financial.
Insurers have the opportunity to help drive global change but they cannot do it alone, blogs Kennedys partner Fleur Rochester.