InsuranceERM has recognised the CCS Risk Transfer Solution by Aon, Convex, QBE and W.R. Berkley as the winner of the sustainable insurance initiative of the year.

This industry-first product provides comprehensive insurance coverage for carbon capture and storage (CCS) projects, supporting all stages of the value chain, from capturing industrial emissions to transporting carbon via complex offshore and onshore pipelines, and securely sequestering it in underground storage sites.

The solution is currently enabling two flagship UK projects, HyNet North West and the Northern Endurance Partnership, both contributing to achieving the UK's net-zero targets.

By addressing the significant technical and financial risks associated with CCS, the solution has been instrumental in making these projects more attractive to capital providers and investors. Judges highlighted the product's role in de-risking investment and accelerating the access to capital and the deployment of CCS infrastructure. Features such as indemnities for CO₂ leaks, loss of tax credits, and storage integrity protection help close a critical protection gap, enabling investors and operators to move forward with greater confidence.

The judges also praised the collaboration for setting a benchmark in how insurance can drive the energy transition worldwide and help to reduce emissions.