Insurance Industry Sees Rise in Clean Energy and Carbon Capture Patents

The insurance industry is seeing an increase in patents for clean energy and carbon capture insurance.

At least that’s according to GlobalData, which says the move signals a shift in support for sustainable energy initiatives.

His Patent analytics The database, released yesterday (July 17, 2024), revealed that the number of patents for clean energy insurance has increased from 1,537 in 2014 to 3,004 in 2023.

During the same period, the number of patents for carbon capture technologies increased from 2009 to 5,143.

Guillaume Anns, Insurance Analyst at GlobalData, said: “The surge in clean energy and carbon capture insurance patents across the insurance industry reflects a strategic focus on supporting sustainable energy initiatives.

“As countries move towards net zero emissions, insurers are developing new products and services to meet these changing needs.”

Cooperation

An example of this trend is the partnership between Zurich and Aon to create clean energy insurance for hydrogen projects.

The initiative aims to accelerate the development of clean hydrogen projects.

Anns added: “The involvement of key players such as Zurich and Aon underlines the crucial role of risk management and financial assurance in promoting clean energy projects.

“By offering comprehensive coverage for blue and green hydrogen projects, as well as carbon capture, utilisation and storage technologies, the facility addresses the complex risks associated with these initiatives, providing developers and investors with the certainty needed to deliver on these projects.”