As a small company we have a low carbon footprint, but we are still looking at ways in which we can reduce it. We have been members of the Gallery Climate Coalition (GCC) since its inception and are working towards active member status by:
The transportation of works of art via air freight is a major contribution to greenhouse gas emissions in the art sector. When the GCC recommended galleries send works of art via sea freight as opposed to air - which has x60 the carbon footprint of sea shipping - Adam pointed out that this would be superb except that most art insurers impose limitations on transit cover via sea freight or exclude cover altogether. Adam then played a key role acting as the conduit between GCC and the wider fine art insurance including the Lloyds Market Association and Joint Specie Committee to develop best practice guidelines for insuring sea transits.
The GCC Sustainable shipping Campaign , June 2022
Sustainability in Action – Hauser & Wirth, Somerset, July 2022
International Climate Control Conference hosted by Ki Culture, Dec 2022 (we start at 5:00:39 POV: Insurance and Legal)
Many insurers subscribe to the Paris agreement, put into place at COP 21 in 2015. Its goal is to limit global warming to well below 2, preferably to 1.5 degrees Celsius.
Also, insurers who underwrite but also may invest in companies involved in fossil fuels, have put measures in place to extricate themselves from these businesses. Measures include not providing any new (and phasing out by 2025) any existing insurance businesses involved in thermal coal, oil sands or exploration, production or transportation of oil and gas in the Arctic National Wildlife refuge.
Our Impact, Our Future: Sustainability at AXA XL