Lloyd’s of London plans to exit fossil-fuel insurance by 2030

A visitor enters the Lloyd’s of London Ltd. building in London, U.K. (Photo: Chris Ratcliffe/Bloomberg)

(Bloomberg) — Lloyd’s of London, the world’s largest insurance market, said it’s joining efforts to support the pivot to a lower carbon economy and set out a timetable to phase out coverage for some of the most polluting industries.

Lloyd’s said Wednesday, Dec. 16, that it will end investment in thermal coal-fired power plants, thermal coal mines, oil sands, and new Arctic energy exploration activities. It also will ask the more than 50 so-called managing agents that oversee insurance syndicates at the more than 300-year-old marketplace to stop insuring or investing in the same areas by January 2030.