Howden claims “first of its kind” with carbon capture and storage insurance facility launch

Howden has launched a product that it claimed will “unlock vital investment to support the global transition to net zero”.

The insurance facility covers the leakage of carbon dioxide from commercial-scale carbon capture and storage facilities.

Designed by Howden and run by Glenn O’Halloran, executive director of Howden Climate Risk & Resilience, the facility is led by Scor’s syndicate at Lloyd’s, providing 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.

According to the broker, the solution addresses a key risk