New Energy Risk Releases Annual Sustainability Report Highlighting Support of $4 Billion+ in Clean Technology Investments
2024年7月11日 - 11:30PM
ビジネスワイヤ(英語)
Innovative insurance solutions drive
significant environmental and economic impacts amid global energy
transition
New Energy Risk (NER), a wholly-owned division of Paragon
Insurance Group, today announces the release of its annual
Sustainability Report. The report details the results of the
sustainability efforts of NER’s client portfolio, where innovations
to reduce carbon intensity for fuels and power, as well as to
promote the circular economy and curb waste, have delivered
measurable results amid the energy transition.
“As of the date of this report we have supported over $4 billion
of investment, accelerating the deployment of impactful
technologies and helping shape a more sustainable future,” said
NER CEO Tom Dickson. “Investors, technology
developers, insurers, industries and governments have an
opportunity to maximize the impact of their capital and position to
accelerate the energy transition. We are proud to play a pivotal
role as a catalyst in these collective efforts and to have earned
the trust and confidence of our partners.”
Amid global calls for rapid renewable energy growth and
increased clean power infrastructure, as highlighted by the 28th
Conference of the Parties (COP28) and the Inflation Reduction Act
of 2022, NER introduced new insurance solutions in 2023 to support
energy transition-focused projects. These include energy transition
tax credit insurance and the first-ever battery dispatch insurance
transaction. Further, NER’s innovative solutions are enabling
clients to achieve unprecedented environmental impacts. A few
highlights include:
- Significant waste processing: NER clients are on track
to process 495,000 tons of waste into valuable products each year,
significantly reducing landfill use.
- Generation of low-emission energy: Insured projects are
set to generate 3.7 TWh of low-emission energy per year, enough to
power 350,000 US homes, enhancing energy resilience.
- Production of low-carbon fuel: Facilities supported by
NER are poised to produce 50 million gallons of low-carbon fuel
annually, serving as a crucial bridge to a decarbonized
transportation sector.
- Reduction of CO2 emissions: Projects are slated to avoid
669,334 tons of carbon dioxide equivalent emissions each year,
equivalent to those generated by 910,000 passengers flying
roundtrip from New York City to San Francisco.
To learn more about NER’s efforts to accelerate the deployment
of breakthrough technologies that address global challenges, and to
download the full report, click here.
About New Energy Risk
New Energy Risk is a pioneer of large-scale, breakthrough
technology performance insurance solutions. The company provides
complex risk assessment and serves as a bridge between technology
innovators, financiers, and insurers. Insurance policies are
administered through New Energy Risk affiliate Complex Risk and
Insurance Associates, LLC, CA License #0I24307. Learn more:
https://newenergyrisk.com.
About Paragon
Paragon Insurance Holdings, LLC, formed in 2014, writes all
commercial lines of insurance across more than 25 programs.
Paragon’s industry-specific and general underwriting facilities
offer insureds, retail agents, carriers, reinsurers and service
providers unique product, service, capability, and results. Learn
more: https://www.paragoninsgroup.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240711247201/en/
Shawn Langlois EVP Communications Paragon Insurance Holdings,
LLC slanglois@paragoninsgroup.com (310) 989-4895