Lloyd’s was once again the scene of more climate demonstrations today following the publication of a leaked copy of its “ESG Lloyd’s Guidelines For Managing Agents October 2021”.
Insure Our Future campaigners were outside the Lloyds building as the organisation slammed Lloyd’s for its refusal to publicise its guidance adding the document was evident that the market was not tackling its climate responsibilities seriously. It branded the document as “inadequate” and its ESG policies as “greenwashing”.
The group parked a large advertising van in Lime Street with a message for Lloyd’s management to “Stop Greenwashing; Publish the ESG Guidelines; Mandate the ESG policy & Stop Insuring Fossil Fuels”.
Lindsay Keenan, European Coordinator of Insure Our Future said: “We have published the leaked copy of Lloyd’s ESG Guidelines because Lloyd’s has so far refused to do so. The guidelines clearly expose Lloyd’s roll-back, indeed abandonment, of the climate policies it announced in December 2020 and demonstrate a blatant case of ESG greenwashing.”
Insure our Future added that on October 25, 2021, Lloyd’s stated that it was “…providing market guidance and best practice for establishing an ESG framework,” but has so far refused to publish the guidelines. Even more concerningly, Lloyd’s has made no mention that their new guidelines roll back last December’s ESG policy with the statement that “We are not mandating the exclusion of these policies,” and that it is “… up to each individual managing agent to decide their own ESG targets and policy.” On October 20th, just before COP26, Lloyd’s attempted to distract from their watered down ESG policy by trumpeting the fact that it had joined the Net-Zero Insurance Alliance (NZIA) and was setting a net-zero by 2050 target.
Leyla Larbi, Campaigns Manager, from watchdog organisation SumOfUs added: “In the last week, 7000 SumOfUs supporters have mobilised and written to Lloyd’s Chairman Bruce Carnegie-Brown and its CEO John Neal calling on them to stop their blatant and unacceptable greenwashing. Lloyd’s must uphold its 2020 commitments and mandate its members adopt a climate policy that excludes all underwriting and investments in coal, tar sands and new oil and gas projects. In a number of petitions targeting Lloyd’s over the last year, tens of thousands of our members throughout the world have been demanding Lloyd’s stop paying lip service to climate change and end its support for the fossil fuel industry.”
The group said examples of Lloyd’s ongoing greenwashing include an interview with CEO John Neal at COP26 in which the statement on screen below his speech said, “Lloyd’s to end underwriting of coal, oil sands and Arctic drilling by 2023”. Just last week, in response to a creative climate meets cricket themed advent calendar handmade for him by a team of mothers from Mothers Rise Up and Parents For Future UK, Lloyd’s Chairman Bruce Carnegie-Brown stated on Twitter that, “We are not underwriting any new thermal coal mines or power stations or Arctic drilling or Oil sands projects from 01.01.22,” and “’Please be assured that I am committed to helping the Market get to Net Zero by 2050 in an urgent but orderly way.”
Keenan added: “We would like to believe Lloyd’s statements that its upholding its ESG policy, but instead we see it is no longer mandating its members to take action, and still refuses to make clear whether it continues to insure some of the world’s most climate destructive projects, such as the Adani Carmichael coal mine and the TransMountain tar sand pipeline. Lloyd’s actions need to match its words and it has a duty to make the facts and its policies clear.”