New Energy Risk Releases Annual Sustainability Report Highlighting Support of $4 Billion+ in Clean Technology Investments
Innovative insurance solutions drive significant environmental and economic impacts amid global energy transition
AVON, Conn.–(BUSINESS WIRE)–New Energy Risk (NER), a wholly-owned division of Paragon Insurance Group, today announces the release of its annual Sustainability Report. The report details the results of the sustainability efforts of NER’s client portfolio, where innovations to reduce carbon intensity for fuels and power, as well as to promote the circular economy and curb waste, have delivered measurable results amid the energy transition.
“As of the date of this report we have supported over $4 billion of investment, accelerating the deployment of impactful technologies and helping shape a more sustainable future,” said NER CEO Tom Dickson. “Investors, technology developers, insurers, industries and governments have an opportunity to maximize the impact of their capital and position to accelerate the energy transition. We are proud to play a pivotal role as a catalyst in these collective efforts and to have earned the trust and confidence of our partners.”
Amid global calls for rapid renewable energy growth and increased clean power infrastructure, as highlighted by the 28th Conference of the Parties (COP28) and the Inflation Reduction Act of 2022, NER introduced new insurance solutions in 2023 to support energy transition-focused projects. These include energy transition tax credit insurance and the first-ever battery dispatch insurance transaction. Further, NER’s innovative solutions are enabling clients to achieve unprecedented environmental impacts. A few highlights include:
- Significant waste processing: NER clients are on track to process 495,000 tons of waste into valuable products each year, significantly reducing landfill use.
- Generation of low-emission energy: Insured projects are set to generate 3.7 TWh of low-emission energy per year, enough to power 350,000 US homes, enhancing energy resilience.
- Production of low-carbon fuel: Facilities supported by NER are poised to produce 50 million gallons of low-carbon fuel annually, serving as a crucial bridge to a decarbonized transportation sector.
- Reduction of CO2 emissions: Projects are slated to avoid 669,334 tons of carbon dioxide equivalent emissions each year, equivalent to those generated by 910,000 passengers flying roundtrip from New York City to San Francisco.
To learn more about NER’s efforts to accelerate the deployment of breakthrough technologies that address global challenges, and to download the full report, click here.
About New Energy Risk
New Energy Risk is a pioneer of large-scale, breakthrough technology performance insurance solutions. The company provides complex risk assessment and serves as a bridge between technology innovators, financiers, and insurers. Insurance policies are administered through New Energy Risk affiliate Complex Risk and Insurance Associates, LLC, CA License #0I24307. Learn more: https://newenergyrisk.com.
About Paragon
Paragon Insurance Holdings, LLC, formed in 2014, writes all commercial lines of insurance across more than 25 programs. Paragon’s industry-specific and general underwriting facilities offer insureds, retail agents, carriers, reinsurers and service providers unique product, service, capability, and results. Learn more: https://www.paragoninsgroup.com.
Contacts
Shawn Langlois
EVP Communications
Paragon Insurance Holdings, LLC
slanglois@paragoninsgroup.com
(310) 989-4895
