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As the clean energy industry forges ahead into new markets, sometimes with technologies yet to stand the test of time, conditions for obtaining insurance for renewable energy facilities have tightened significantly, particularly for the increasing number of projects built in areas susceptible to natural disasters
After years of enjoying a soft market for insurance, renewable energy project developers and their eventual owners are finding their way in a world changed by a global pandemic where higher premiums and deductibles are commonplace
NEW TIMES
In a sector of maturing markets and technologies, owners and developers of renewable energy power systems are evolving new approaches to managing risk with the purpose of keeping a lid on insurance premiums
RISK MANAGEMENT
Insurance packages are evolving to focus on specific elements rather than whole projects as asset owners become more comfortable with shouldering responsibility for reducing market and technology risk
KEY QUOTE
Underwriters accepted things that, in hindsight, we can see were not sustainable. We were already seeing signs of a harder market and then Covid put its foot down ...
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Jonas Dalsgaard, Global Sales & Business Development Manager at Codan, asks how the insurance market should react to insuring the increasing number of big wind farms in areas of the world that frequently experience natural disasters
Despite the massive economic downfall as a result of the Covid-19 pandemic and lockdown, there remains strong demand for renewable energy assets, suggesting the sector will not suffer as it did after the 2008 recession
The strong figures posted by the wind industry in the troubled first half of 2020 were testament to the resilience of the industry. This further shows how vital wind energy will be in achieving a zero-carbon economy, argues Ivan Komusanac from trade body WindEurope
To create demand for sustainable finance, governments should integrate climate criteria into their procurement and in how they draft policies and regulations
It is beyond discussion that the global climate emergency calls for solutions to reduce greenhouse gas emissions and requires decarbonisation. Often, the spotlight is aimed at renewable energy as the solution, but in fact, we can achieve 44% of the required global reductions by capturing the potential of energy efficiency, argues Lars Knaack of Novenco
The big names of the corporate world will not achieve the energy transition alone. Companies of all sizes have a part to play
A big part of speeding up the move away from fossil fuels is scaling up innovation and technology. With an appetite for riskier projects, philanthropic foundations could play an important role in raising some much needed cash
Many believe the ECB and other central banks should bring climate considerations into the rulebook governing what they support and how
The concept of transition bonds began as an idea to sell bonds that were difficult to market as green bonds, mainly natural gas bonds, but has evolved into an opportunity to accelerate decarbonisation efforts
