Profiles in Risk – E471: Incentivizing Clean Fossil Fuel Production Using Insurance – A Conversation with Project Canary

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.



About Nick Lamparelli

Nick Lamparelli is a 20+ year veteran of the insurance wars. He has a unique vantage point on the insurance industry. From selling home & auto insurance, helping companies with commercial insurance, to being an underwriter with an excess & surplus lines wholesaler to catastrophe modeling Nick has wide experience in the industry. Over past 10 years, Nick has been focused on the insurance analytics of natural catastrophes and big data. Nick serves as our Chief Evangelist.

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