Follow our news, events and position statements on the UK’s nuclear insurance industry.
Over the past year, Nuclear Risk Insurers (NRI) has partnered with carbon-analytics company, Alectro, to make big steps towards improving our environmental responsibility. The result of this is that we are delighted to announce that in pursuit of our own NRI net zero initiatives, we are now operating as a carbon neutral organisation. We have also become a signatory to the United Nations’ Climate Neutral Now initiative, a community of more than 300 organisations committed to working towards a carbon-neutral world.
Why this matters
In response to the critical threat of climate change, all around the world, nations have committed to reducing their carbon emissions in line with a target of keeping a global temperature rise below 2°C above pre-industrial levels[1]. We want to play our part in measuring and managing our emissions in line with UK national targets to ensure we pass on the planet in a good condition to future generations.
Additionally, and even closer to home, NRI’s net zero ambitions align with the industry which we service, serve and insure: the nuclear industry has delivered low carbon power, around the world, for over 60 years. As the world aims to realise its net zero targets, nuclear will continue to play a key role in enabling the transition.
Project goals
To achieve NRI’s net zero goals, we worked with Alectro to deliver the project. We wanted to:
Mark Popplewell, Managing Director of NRI, said this about the project: “As one of the pre-eminent nuclear insurers in the world it made absolute sense to us to share the civil nuclear industries low carbon credentials and in addition, to follow the trend of insurance companies to raise their efforts around sustainability.
The steps taken so far in collaboration with Alectro, now put us in a position to confidently say we are working towards a better world and creating a more sustainable place for future generations.
NRI Net Zero Project
We used the GHG Protocol Corporate Accounting and Reporting Standard[2] as our base, and expanded it to cover as much of the voluntary emissions as we could – this meant we looked at everything from utilities use in our buildings, all the way through to our internal catering provision.
NRI’s carbon footprint for 2019 was 312 tCO2e, which worked out at 24 tCO2e per full time employee (FTE). Approximately 85% of our total emissions came from flights which contributed to this high per employee emission intensity compared to other companies who report their emissions. The two main reasons for this high value:
Although there are valid reasons for the relatively high emissions/FTE intensity, we are committed to addressing the issue head-on, both by challenging the need for travel whenever possible, and by positively selecting lower impact means of travel.
The restrictions on international travel associated with the COVID-19 pandemic have of course forced us to adapt our working practices significantly during 2020. We will learn from what has worked well during this year to accelerate our ambition in respect of reducing non-essential journeys through virtual meetings and home working.
Aside from flights, we were broadly happy with our other findings, for example, our good practices in procurement from local companies, low volumes of waste generated, focus on minimising food waste, and recognising trends shifting away from red-meat consumption. However, we will continue to monitor our consumption and adapt to current trends, ensuring that our current lean processes remain so.
Overall, NRI now aims to reduce our emissions in line with the Paris Agreement, and our aligned target is to reduce emissions by 50% by 2030 from our 2018/19 base years.
This will be achieved by tracking a rolling average of emissions and annual Key Carbon Performance Indicators (KCPIs).
We will offset any remaining unavoidable emissions by using best in class emission offset projects.
NRI use offsets from The Gold Standard, and from the United Nations Carbon Offset Platform to ensure we are supporting certified projects featuring the highest levels of environmental integrity and also contributing to sustainable development.
We have offset 100% of our 312 tCO2e footprint for 2019, split between three projects in countries that support civil nuclear power.
What next?
NRI recognises that carbon credits should be used responsibly and are not a substitute for real reductions. We will therefore strive to reduce our emissions as far as is reasonably practicable to reach our goals.
By becoming a signatory to the Climate Neutral Now initiative, NRI encourages and advocates for other businesses we work with to become carbon-neutral and encourage more companies to take early climate action and act responsibly towards the planet.
If you would like to know more about NRI’s net zero activities please contact us or the Alectro team here.
We are convening a new, six-monthly webinar series for our sector, entitled ‘Frontiers In Nuclear Insurance’. The inaugural session will be on ‘Insurance considerations for the deployment of small modular reactors (SMRs)’.
Missed the webinar? If you’d like a copy of the slides or watch a recording of the session, please email eithne.stanton@nuclear-risk.com.
Mark Popplewell was elected in 2019 to serve as one of three nuclear insurance Pool Manager experts to the Nuclear Law Committee (NLC), an inter-government group supported by the office of Legal Counsel of the Nuclear Energy Association (NEA) – a standing technical committee of the OECD. Mark, along with the other two Pool Managers, is required to attend the NLC meeting in order to give advice on nuclear liability insurance in the context of nuclear conventions and national laws.
NRI was honoured to attend China Nuclear Insurance Pool (CNIP) 20th Anniversary Summit on the 7th November 2019. The Summit was opened by Mr Yuan Linjiang, Chairman of CNIP with senior guest speakers from the Environmental Protection Committee, Nuclear Safety Administration, Nuclear Emergency Office, CNNC and GNC, as well as CNIP’s General Secretary, Dr Zuo Huiqiang.
A speech on behalf of the pooling system was jointly delivered by Alain Quéré, the Swiss Pool Manager and Chairman of the GPC, and Mark Popplewell, representing NRI and Secretary of the GPC. A total of eight International Pools were also present to join CNIP in celebrating its 20th year in the fastest growing civil nuclear power country in the world.
In 2019, NRI led an international insurance survey at the Chernobyl Nuclear Power Plant, in Ukraine. Val Martell and Paul Galbraith participated in a team with Věra Šídlová from the Czech Nuclear Insurance Pool, and were supported by Ukrainian Nuclear Insurance Pool manager Oleksandr Babenko and consultant Artem Zakharov.
14th May 2019 Toulouse, France
NRI attended the 2019 Engineers’ Training Seminar in Toulouse, France, in May, hosted by the French Pool, which focused on the topics of cyber security and safety culture.
Noting that Airbus are located in Toulouse, and the significance of safety culture in the aeronautics industry, the group took the opportunity to visit the Airbus production line and development laboratory.
The group walked down the A380 aircraft assembly line, exchanging views with Airbus safety culture specialists. In addition to sharing best practice and enhancing consistency across the global pooling system, the two-day seminar also allowed time for meetings and networking with pools members from around the world. The next meeting will be the 8th Nuclear Engineers Forum, which is planned for November 2020.
Over the last few years, NRI has developed a world-class catastrophe claims process that provides confidence that people, society and businesses are protected in the extremely rare event of a major nuclear incident. Our claims solution is designed to align with the policyholders’ emergency response procedures to quickly compensate those with valid claims.
NRI enhanced its global partnerships in 2019 by signing a Memorandum of Understanding with the China Nuclear Insurance Pool to work together on joint projects in different areas of the business. We look forward to increased collaboration with the Chinese pool going forward.
© 2020 NUCLEAR RISK INSURERS LIMITED
AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY | FIRM REF NO 311907
Registered in England and Wales. A Company Limited by Guarantee. Company Registration Number 04720429.