Chubb Limited recently announced the launch of the Chubb Methane Resource Hub, a digital resource offering clients information and insights for measuring and mitigating methane emissions. The initiative draws on technical expertise and guidance from Environmental Defense Fund.
The hub will assist Chubb-insured clients in navigating the March 2023 introduction of underwriting criteria for oil and gas extraction projects, which require them to reduce methane emissions, a byproduct of oil and gas production that are among the most damaging greenhouse gases. The standards – the first of their kind in the P/C insurance industry – require implementation of evidence-based plans to manage methane emissions including, at a minimum, having in place programs for leak detection and repair and the elimination of non-emergency venting. Clients must also adopt one or more measures that have been demonstrated to reduce emissions from flaring.
“Chubb is actively engaging with our clients to build external partnerships aimed at reducing [greenhouse gas] emissions, while helping oil and gas producers adopt technologies to reduce methane extraction emissions,” said Keith Marks, executive vice president, Chubb North America Risk Engineering Services. “We have benefited from the technical expertise and guidance provided by Environmental Defense Fund, including working with us to evaluate best practices around methane in the oil and gas industry. We look forward to continuing to draw on their expertise as we evaluate emissions reduction opportunities in other high-emitting industries.”
The hub also includes information on regulations and voluntary programs and features a directory of service providers that offer consulting, data and technology to assist companies with methane emissions reduction programs.
To learn more about Chubb’s climate strategy and actions, read the company’s 2023 Climate-Related Financial Disclosure. Visit here to learn about Chubb Climate+, the company’s global climate business unit that draws on the company’s extensive technical capabilities in underwriting and risk engineering.
SOURCE: Chubb
Topics Chubb
Was this article valuable?
Here are more articles you may enjoy.
Black Bear and Cub Destroy Car After Getting Trapped Inside 
Local Opposition Challenges Wind Farm Development in Rural Nebraska 
Chubb Q2 Net Income Up 24% to $2.2B 
How to Outperform: Don’t Outsource Underwriting to MGAs 
