All Posts in "Day: August 25, 2021"

Swiss Re inks record $10m deal to fight climate change

By admin

 

Swiss Re has signed the world’s first long-term purchase agreement for direct air capture and storage of carbon dioxide, worth $10 million over ten years, as part of its commitment to reach net-zero emissions in its own operations by 2030.

The global reinsurer has partnered with Climeworks, a specialist in carbon dioxide air capture technology, to combat climate change. The companies have also agreed to collaborate on developing risk management knowledge and risk transfer solutions, as well as to explore future investment and project finance opportunities.

The partnership gives Swiss Re early access to the new carbon removal risk pools and asset classes.

According to the company, the technological carbon removal solution offered by Climeworks in Iceland filters carbon dioxide (CO2) from ambient air using geothermal energy – considered to be the safest and most durable form of all carbon removal solutions that are commercially available today.

Swiss Re stated that the length of the term of ten years and the total value of $10 million are so far unmatched in the voluntary market for this type of high-quality carbon removal.

Swiss Re Institute’s recent report on the insurance rationale for carbon removal solutions revealed that the insurance sector is uniquely positioned to offer support on three fronts: through long-term purchase agreements, providing insurance capacity for evolving risk pools, and investments in new asset classes.

Swiss Re has committed to achieving net-zero emissions in its insurance and investment business by 2050, and in its own operations by 2030.

Swiss Re’s group chief executive officer and co-chair of the World Economic Forum’s Alliance of CEO Climate Leaders, said: “To mitigate the risks of climate change, the world needs to scale-up carbon removal on top of, not instead of emission reductions. By partnering with Climeworks we can play to our strengths in this endeavour, as a risk taker, investor, and forward-looking buyer of climate solutions.”

Christoph Gebald, co-CEO and co-founder of Climeworks, said: “We are very proud to have established the basis for a unique long-term partnership with the leading risk knowledge company Swiss Re. This is a decisive milestone for the scale-up of Climeworks and the direct air capture industry.”

Swiss Re, Climeworks, Purchase Agreement, Partnership, Climate Change, Insurance, Reinsurance, Christian Mumenthaler, Christoph Gebald, Switzerland

Patoma Admin by — August 25, 2021 in Insurance 0
AIB goes digital on accident investigations

By Favour Nnabugwu

 

Nigeria Accident Investigation Bureau, AIB-N saidi it is set to change how final report of accident investigations is presented to the public to read.

The Chief Executive Officer of the AIB-N, Engr. Akin Olateru, explained that the initiative is ongoing ‘Industry Engagement on the review of Accident Reports’ event in Abuja

Engineer Olateru said AIB has improved the conventional air accident and incident reporting system as stipulated in the Annex 13 of the International Civil Aviation Organisation (ICAO) recommendations, to a digitalized reporting system, which no country in the world has attained as far as accidents and incidents investigation and prevention reporting is concerned.

He said : “The fact is the world standard, which is ICAO, has a format of reporting the final reports that is hundred pages presented to the world and on website. What we are trying to do is to challenge the status quo, to actually find a better way of getting this to the public. Today, how many people are reading reports (accidents and incidents).

” You have this report about 300 pages of what happened, safety recommendations and so on. What we are trying to do is to digitalise in a graphic way with a data base of the same reports. We are going to be doing that very soon, to make it easier for the airlines to read, for anybody of interest to go to a particular section rather than flipping through pages of documents. If it is on human factors, you just click on the graphic and it will tell you everything on human factors”.

” If it is about engine, same thing applies. The whole essence is about simplifying the way we communicate with the rest of the world in terms of our by-product and it has been discussed at the highest level at ICAO and it’s being accepted. By the time we are done, Nigeria will be the first in the world that would come up with this format. That is what I mean by Nigeria will lead the world very soon in terms of accident investigation reporting system.”

” Looking at it critically, for any institution to progress and remain relevant, you need to invest in Research and Development, you need to have a feedback system to evaluate, re-evaluate how you do things; check your process and procedures and come up with a better way of doing things or a simplified way of doing things to enhance productivity and that is what we are doing in AIB.”

On when the project will kick-off, Olateru said AIB is presently at the procurement stage and that it will be up before the end of 2021. “We are going through our procurement stage, we should be ready before the end of the year that would come up stage.”

The AIB Commissioner revealed that the new initiative will be trademarked. He said: “When we are done, because we are making a lot of investment on this, Saudi Arabia has shown interest and partnering with us on this project because it is a great project that would change the world in terms of Annex 13 of Accident investigation.”

‘We will have a platform whereby airlines, stakeholders will subscribe; you have access to it to train your pilots, engineers and stakeholders in the industry. The press too can have access to it to update their information or satisfy their enquiries. There would be a norminal fee. In a way, AIB want to use this as an opportunity to drive internally generated revenue”, he added.

Patoma Admin by — August 25, 2021 in Aviation 0