Marsh establishes new insurance facilities dedicated to renewable energy Thought Leadership As investment in renewable energy accelerates at pace, stringent lender The role of wind in the transition Offshore wind generation of electric power has been requirements needed to secure 昀椀nancing can signi昀椀cantly a昀昀ect the an established source of generating clean energy total cost of insurance and viability of projects. To address this, Marsh for more than a decade in coastal regions of Europe. Specialty’s Energy & Power practice developed new products that secure More recently, growth in power generation as well as insurance capacity from top-rated insurers globally. turbine construction projects has grown significantly in the Asia Pacific region. With increased awareness of climate change and the role of renewable energy In 2022, dedicated insurance facilities were established for four types of renewable energy in fulfilling growth in ESG mandates, it has become projects – offshore wind, solar, battery energy storage systems, and hydrogen (the first of its increasingly important to address the inherent risk kind). These facilities provide coverage for projects in operation or under construction, and behind building and operating wind facilities. typically include engineering advisory services during project feasibility, design, and operation. In the article Can Offshore Windfarms Help Address This comprehensive risk management package is an important step to ensuring that developers ESG Concerns?, Guy Carpenter maintains that can access adequate, cost-effective insurance coverage, in some instances significantly the special circumstances in Asia Pacific call for reducing the total cost of insurance. a fresh look at the risks involved in developing and maintaining these projects. As the size and complexity of offshore windfarms continue to intensify, the (re)insurance market will need to expand to provide appropriate coverage opportunities for these facilities. “Marsh’s innovative renewable energy facilities encourage traditional insurance markets to support the energy transition while providing dedicated capacity, increased competition and improved certainty for our clients and other project stakeholders.” Michael Kolodner, Global Head, Renewable Energy, Marsh Specialty Overview Environment Social Governance Appendix 2022 ESG REPORT 23