Axis Reports Climate Change Driving Energy Transition Amid Rising Risks


credit: Pixabay

"The shift to a lower carbon economy is among the greatest challenges of our day and requires all of usour businesses, governments, communities, and individualsto work together to achieve our climate goals," Vince Tizzio, CEO of insurance company AXIS, says in a press release.

A new report from the company, which surveyed more than 600 energy producers, industrial energy buyers, and specialist insurance brokers in the US and UK, finds that 69% of industrial energy buyers expect climate change to affect their company's performance, affecting revenue, costs, and investments, while 47% of energy producers say climate concern is the main reason they're taking proactive steps to transition to a low-carbon economy.

The report also found that 62% of energy producers say they're "somewhat prepared" or "not too prepared" to transition to a low-carbon economy.

The insurance company says it wants to "elevate understanding of the risks and challenges involved in the energy transition" and to "identify how energy industry stakeholders can proactively and collaboratively support businesses on their journeys."

A third of energy producers say the insurance industry hinders innovation due to a lack of comprehensive and multiline coverage.

The report found that 92% of energy producers believe governments and regulatory bodies play a crucial role

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