The landscape is dynamic and governments, businesses, and communities across the globe are striving to keep pace in the race to net zero amidst a rapidly evolving risk environment. Accelerating the energy transition effectively will require substantial investment in technological innovation, holistic policy solutions, and long-term strategic thinking informed by increased collaboration and knowledge-sharing in the short term. This transition will also require an insurance industry that keenly understands the risks associated with shifting to a lower carbon economy, as well as the complexities and benefits of deploying new technologies to make global net zero ambitions a reality.

To fully understand the factors helping and hindering today’s energy transition, and the role the insurance industry can play in advancing this global effort, our team at AXIS commissioned independent research among key energy stakeholders across both the UK and US. The research examined top climate-related risk factors impacting strategic internal decision-making, drivers and barriers impacting investments in energy transition technology, and both the tactical and strategic actions the insurance industry can take in supporting the global energy transition. More broadly, our research was designed to understand the biggest challenges customers face in achieving their goals, and to identify solutions that can help position insurers as their proactive risk partners.

In some cases, our research confirmed what we already knew: the energy transition is not linear and there is no “one size fits all” approach for businesses that are in various stages of their energy transition journeys. And across a number of areas, our team uncovered compelling insights that are detailed in the pages following this introduction. We are grateful to all who took part in this research and hope that you find the learnings relevant and practical for your work, whether you are a lender, developer, insurer, broker, or someone who cares about the future of our planet.

As the energy transition continues to evolve, the global business community must together seize on this opportunity to become a catalyst for supporting sustainable progress. At AXIS, we are ready to collaborate, innovate, and invest in developing elevated specialty risk solutions that will power a more resilient, lower carbon future.