The insurance industry is experiencing a significant increase in patents related to clean energy and carbon capture, reflecting a shift towards supporting sustainable energy initiatives, Insurance Times reported last week.
According to GlobalData‘s Patent Analytics database, patents for clean energy insurance rose from 1,537 in 2014 to 3,004 in 2023, while patents for carbon capture grew from 2,009 to 5,143 over the same period.
Guillaume Anns, an insurance analyst at GlobalData, noted that this surge demonstrates a strategic focus on sustainable energy.
“As countries aim to achieve their net-zero commitments, insurers are developing new products and services to cater to this evolving landscape,” Anns explained.
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A notable example of this trend is the recently announced partnership between Zurich Insurance Group and Aon to create a clean energy insurance facility for hydrogen projects.
This initiative is aimed at accelerating the development of clean hydrogen projects by providing necessary risk management and financial protection.
Anns highlighted the importance of such collaborations: “The involvement of key players like Zurich and Aon emphasizes the critical role of risk management and financial protection in advancing clean energy projects.”
The facility provides comprehensive coverage for blue and green hydrogen projects and carbon capture, utilization and storage (CCUS) technologies, addressing the complex risks these initiatives entail.
This, in turn, gives developers and investors the necessary confidence to pursue such ventures, according to the analyst.
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