As the first regional insurer, GIG Gulf, we have a role to play. As providers for marine insurance, we know that the shipping industry is an important contributor to the world’s carbon emission [ i.e., 2.5%]. But by developing offers and coverages that cater to the trend of sustainable energy solutions, by collaborating with international and local maritime authorities and by facilitating awareness programs across the industry, we own up to our responsibility towards next generations.
Between 2001 – 2021, it is reported that 119Mha* tree cover was lost in fires globally. Is climate change and the rise in temperatures to blame? Surprisingly, not completely! More than 80% of wildfires are caused by humans in the US and similar percentages across the globe.
But of course, more evaporated moisture, dried soil and lowered humidity are creating a more flammable environment and making the firefighters’ jobs tougher. The year 2020 became the hottest year ever recorded, with not only numerous forest fires but also hurricanes. Bushfires, increased numbers of storms and devastating floods are causing thousands of casualties and billions of losses in our global economy.
Climate change and global warming are one of mankind’s biggest challenges, today and tomorrow, for our global economy and for our future generations. We seem to have found ourselves in a vicious circle where humankinds’ presence on this planet could well be the main cause of its extinction.
But there are solutions and alternative. Leave it to these same humans to find solutions to counteract. Solar energy, used in heavy industries, in houses, vehicles and even in solar-powered yachts is on the rise. According to the World Resources Institute, wind and solar energy has known a growth of 15% between 2015 and 2020 and at this rate, it should reach 45% of electricity generation by 2030.
We have seen this trend also in yachting over the past couple of years with hybrid propulsion solutions coming to life. Two solar power systems on yachts have known a mayor uplift in a short period of time: Photovoltaic and Solar Thermal panels. These cost-efficient energy sources would become key alternative for power generation in the yacht industry.
The solutions exist, the appetite is there, now it’s time to scale up. Just as we have become our own enemies, we can become our own rescuers.
For Marine Insurance inquiries please visit our Marine Cargo Insurance page.
And for Yacht Insurance for individuals please Click Here