We insurance professional often boast about how society would stop if it weren’t for (us 😉) insurance. Well, we have seen this play out recently and in real time, when insurance companies began united to stop the backing of projects related to fossil fuels. This of course, was unrealistic for both society and insurers (who were turning their backs on quite profitable projects). For society, it is quite unlikely and unreasonable that we can simply move away from fossil fuels such as natural gas simply because our alternative options are not ready nor abundant enough to replace natural gas for our energy demands. Forecasts for future energy demands are likely underestimating future energy needs as new technologies such as AI and quantum computer accelerate our need for more electricity.
In this episode of Profiles in Risk, Nick spoke with Nick Fekula and Josh Zier of Project Canary. Project Canary is a climate technology company that offers an enterprise emissions data platform to help producers and distributors of natural gas (and other fossil fuels) measure the leakage of those gases so that systems can be implemented to prevent further leakage. The most common natural gas is methane, which is many times for severe as a natural gas than carbon dioxide. Capturing and containing methane needs to be priority and insurance should be used as vehicle to incentivize new technologies to measure, regulate, and score companies on how well they are capturing these greenhouse gases. Project Canary is a leader in this space.