Chubb has launched the Chubb Methane Resource Hub, a digital initiative providing clients with essential insights into measuring and mitigating methane emissions. In collaboration with the Environmental Defense Fund (EDF), this resource hub represents a crucial step in Chubb's commitment to reducing greenhouse gas (GHG) emissions.
Keith Marks, Executive Vice President of Chubb North America Risk Engineering Services, emphasized the company's active engagement with clients to forge partnerships aimed at GHG reduction. Marks highlighted the valuable contribution of EDF's technical expertise in evaluating methane management practices within the oil and gas industry.
The Methane Resource Hub goes beyond information provision, offering details on regulations, voluntary programs, and a directory of service providers for implementing methane emissions reduction programs.
Dr. Lea Borkenhagen, Senior Vice President of the EDF + Business team, commended Chubb's role in encouraging climate action within the insurance sector. She anticipates Chubb's leadership inspiring similar initiatives from other insurance providers.
Especially timely for Chubb-insured clients, the hub assists in navigating underwriting criteria introduced in March 2023 for oil and gas extraction projects. These criteria, the first in the property and casualty (P&C) insurance industry, mandate evidence-based plans for reducing methane emissions, including leak detection and repair programs, elimination of non-emergency venting, and adopting proven measures to reduce flaring emissions.
Chubb's Methane Resource Hub, a testament to proactive risk management, sets a precedent in the insurance industry's approach to climate-related risks, reflecting the company's commitment to environmental responsibility.