New Insurance Coverage for Clean Hydrogen Projects Launched

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New Insurance Coverage for Clean Hydrogen Projects Launched

Posted by: Baris Karapinar
Category: ESG News

Zurich Insurance Group, in collaboration with Aon, has introduced a new insurance program for clean hydrogen projects. This program covers up to $250 million in expenses for blue and green hydrogen initiatives. These projects are crucial for advancing cleaner energy, especially in industries and transportation where reducing emissions is challenging.

Hydrogen is essential for moving towards a cleaner energy future. Most hydrogen today is made using natural gas and coal, which emit over 1 billion tons of CO2 annually. The new insurance program supports projects that produce green hydrogen using renewable energy and blue hydrogen, where CO2 emissions are captured and stored.

The program provides insurance for the entire lifespan of hydrogen projects, including construction, operational phases, and delays in start-up. It also covers business interruption, transport, and third-party liability. Furthermore, it includes insurance for carbon capture and storage technologies.

The demand for this insurance solution has been high, showing the significant interest and need for supporting clean hydrogen development. This initiative underscores the role of insurance in enabling the transition to net-zero emissions by offering protection and risk management for sustainable energy projects.

Link to the news source

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