Lloyd’s of London position on transition to net-zero

ClientEarth argues that the Society of Lloyd’s is risking 'greenwash' by making public net-zero commitments while keeping the specific guidance issued to managing agents private. The letter asserts that without transparency, it is impossible to verify if Lloyd's is following a science-based pathway or maintaining its previous 'Fuel Targets' to exit coal, tar sands, and Arctic oil. ClientEarth warns that misleading statements could breach the legal and regulatory duties of the Society and its Council members under FCA and PRA rules.

• The Society of Lloyd’s has publicly committed to a net-zero underwriting position by 2050 and has issued updated ESG guidance to managing agents, but it has not released the actual Guidance to the public.
• ClientEarth contends that the lack of transparency prevents assessment of whether Lloyd's is taking meaningful action, specifically regarding the use of a science-based pathway and restrictions on fossil fuel underwriting.
• There is evidence suggesting Lloyd's may be retreating from its 2020 'Fuel Targets' to exit the underwriting of coal, tar sands, and Arctic oil by 2025 and 2030.
• The Society and its Council members may be in breach of their legal duties to the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) if their public net-zero statements are misleading.
• ClientEarth defines minimum standards for a credible net-zero commitment, including applying to all underwriting and investment activities, covering scopes 1-3 emissions, and setting interim targets for 2025 and 2030.
• The Lloyd's market is identified as systemically important, representing over 40% of the London insurance market and 40% of the global energy insurance market.

APA

ClientEarth (2021). Lloyd’s of London position on transition to net-zero. https://www.clientearth.org/media/pzrctfkd/letter-to-lloyd-s-on-esg-guidance-03-11-21-redacted.pdf

Chicago

ClientEarth. Lloyd’s of London position on transition to net-zero. 2021. https://www.clientearth.org/media/pzrctfkd/letter-to-lloyd-s-on-esg-guidance-03-11-21-redacted.pdf.

Wikipedia

{{cite press release |author=ClientEarth |title=Lloyd’s of London position on transition to net-zero |date=3 November 2021 |url=https://www.clientearth.org/media/pzrctfkd/letter-to-lloyd-s-on-esg-guidance-03-11-21-redacted.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{clientearth2021lloyds, author = {{ClientEarth}}, title = {{Lloyd’s of London position on transition to net-zero}}, publisher = {ClientEarth}, year = {2021}, month = nov, url = {https://www.clientearth.org/media/pzrctfkd/letter-to-lloyd-s-on-esg-guidance-03-11-21-redacted.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }