Marsh&Mclennan launches the world’s first renewable energy insurance

Broker Marsh, the subsidiary of the risk management group Marsh&Mclennan, announced on Monday the launch of the first insurance in the world dedicated to hydrogen energy projects in the context of accelerating the fight against climate change.

“Marsh’s facility is an important development for the insurance industry that will help accelerate the global energy transition to renewables,” said Andrew George, Global Head, Energy and Power, Marsh Specialty.

“As the global hydrogen industry, particularly green hydrogen, expands rapidly to meet demand, the mechanism will reduce the complexity of securing risk transfer options for operators of all sizes and strengthen the confidence of investors and lenders in achieving the ambitious deadlines of their projects.”

Marsh clients can either opt for start-up phase coverage or choose a combined risk policy that extends to first-year operations, the New York-based company said.

According to a report published in June by Norwegian energy consultancy DNV, renewable and low-carbon hydrogen will represent only 5% of the world’s final energy mix by 2050, which is insufficient to meet the objectives. climatic.

To respect the Paris agreement aimed at limiting global warming to 1.5 degrees by 2050, hydrogen should reach 13%.

source: AOF

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