Chubb Restricted not too long ago introduced the launch of the Chubb Methane Useful resource Hub, a digital useful resource providing purchasers data and insights for measuring and mitigating methane emissions. The initiative attracts on technical experience and steerage from Environmental Protection Fund.
The hub will help Chubb-insured purchasers in navigating the March 2023 introduction of underwriting standards for oil and gasoline extraction initiatives, which require them to scale back methane emissions, a byproduct of oil and gasoline manufacturing which can be among the many most damaging greenhouse gases. The requirements – the primary of their type within the P/C insurance coverage business – require implementation of evidence-based plans to handle methane emissions together with, at a minimal, having in place applications for leak detection and restore and the elimination of non-emergency venting. Purchasers should additionally undertake a number of measures which were demonstrated to scale back emissions from flaring.
“Chubb is actively partaking with our purchasers to construct exterior partnerships geared toward lowering [greenhouse gas] emissions, whereas serving to oil and gasoline producers undertake applied sciences to scale back methane extraction emissions,” mentioned Keith Marks, govt vice chairman, Chubb North America Danger Engineering Companies. “We now have benefited from the technical experience and steerage offered by Environmental Protection Fund, together with working with us to guage greatest practices round methane within the oil and gasoline business. We stay up for persevering with to attract on their experience as we consider emissions discount alternatives in different high-emitting industries.”
The hub additionally consists of data on laws and voluntary applications and incorporates a listing of service suppliers that supply consulting, information and expertise to help firms with methane emissions discount applications.
To be taught extra about Chubb’s local weather technique and actions, learn the corporate’s 2023 Climate-Related Financial Disclosure. Go to here to study Chubb Local weather+, the corporate’s international local weather enterprise unit that pulls on the corporate’s intensive technical capabilities in underwriting and danger engineering.
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