Wednesday, May 22, 2024

Energy Summit Highlights Insurance’s Impact on Sustainable Energy Investment

At the Energy Summit held in Karachi, industry leaders underscored the pivotal role of insurance in driving investment and innovation within Pakistan's energy sector. Addressing critical challenges and exploring opportunities for sustainable development, experts emphasized the importance of insurance coverage in mitigating risks and promoting long-term confidence among investors.

Chairman of Lockton MENA, Ata Khatib, highlighted the indispensable nature of insurance in compliance with international standards, providing assurance to foreign investors and lenders. Insurance coverage enhances investor confidence and ensures project bankability, crucial for financing renewable energy projects.

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Dr. Jason Shirely, General Manager of ECP and Chemical Professionals, emphasized the vulnerability of Pakistan's energy infrastructure to climate change, stressing the role of insurance in mitigating risks and providing financial security for sustainable energy projects. Insurance solutions, including catastrophe risk insurance and climate risk assessments, help energy companies build resilience and adapt to changing environmental conditions.

Zainab Khatib, Vice President of Lockton MENA, discussed how insurance stimulates innovation and promotes the adoption of new technologies in the sustainable energy sector. Customized risk management solutions drive efficiency, sustainability, and growth, enabling renewable energy developers to manage and transfer risks associated with project development and operation.

The Energy Summit, attended by key stakeholders, policymakers, and investors, aimed to foster dialogue, collaboration, and innovation in addressing the multifaceted challenges facing Pakistan's energy landscape. CEO Fidelity Insurance Brokers, Khurram Ali Khan, emphasized the summit's significance in providing a platform for stakeholders to chart a course toward a more sustainable and resilient energy future.

Managed by TerraBiz, the summit facilitated discussions, panel sessions, and networking opportunities, uniting industry professionals, researchers, and stakeholders passionate about shaping Pakistan's energy sector's future.

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Muhammad Yasir
Muhammad Yasir
Muhammad Yasir is an online content editor and senior journalist with fifteen years of experience in the field. He specializes in business, telecommunications, finance, and technology sectors. Muhammad Yasir has fulfilled senior reporter duties for both National English and Urdu.

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