Insurance Industry Sees Surge in Patents for Clean Energy and Carbon Capture Initiatives
Key Ideas
- GlobalData reports a significant increase in patents related to clean energy and carbon capture within the insurance sector.
- Collaborations like the one between Zurich Insurance Group and Aon highlight the industry's support for hydrogen projects.
- The rise in patents reflects a strategic focus on sustainable energy initiatives to achieve net-zero commitments.
- Insurers are developing new products and services to address the evolving landscape of clean energy and carbon capture.
The insurance industry is experiencing a notable surge in patents related to clean energy and carbon capture initiatives, according to recent data from GlobalData. The number of patents for clean energy insurance nearly doubled from 1,537 in 2014 to 3,004 in 2023, while patents for carbon capture within the insurance sector increased from 2,009 to 5,143 during the same period. Guillaume Anns, an insurance analyst at GlobalData, emphasized that this increase in patents reflects a strategic focus on supporting sustainable energy initiatives as countries work towards achieving their net-zero commitments.
One of the significant collaborations mentioned was between Zurich Insurance Group and Aon, specifically for hydrogen projects. This collaboration aims to offer comprehensive coverage for blue and green hydrogen projects, as well as technologies for carbon capture utilization and storage (CCUS). By addressing the complex risks associated with these initiatives, developers and investors are provided with the necessary confidence to pursue such ventures.
The insurance industry's response to the rise in clean energy and carbon capture patents involves the development of new products and services tailored to the evolving landscape of sustainable energy. Insurers are actively working to support the transition towards cleaner energy sources and technologies, aligning with global efforts to combat climate change and promote environmental sustainability.