Insurance firm Howden has launched cover for carbon dioxide (CO2) leakage from commercial-scale carbon capture and storage (CCS) facilities.
It believes the product will ‘unlock’ vital investment to support the transition to Net Zero.
Designed by Howden and led by SCOR’s syndicate at Lloyd’s, it provides cover for environmental damage and loss of revenue arising from the sudden or gradual leakage of CO2 from CCS projects into the air, land and water.
The solution addresses a key risk associated with CCS technology and supports the development of a commercial insurance market for leakage risk, the need for which has been highlighted by the UK Government Department for Energy Security & Net Zero’s Business Model for CCUS.
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