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New Energy Risk Annual Sustainability Report Highlights $4 Billion in Support for Clean Tech Investments

New Energy Risk Annual Sustainability Report Highlights  Billion in Support for Clean Tech Investments

Innovative insurance solutions deliver significant environmental and economic impact during global energy transition

AVON, Connecticut, July 11, 2024–(WORK WIRE)–New Energy Risk (NER), a wholly owned division of Paragon Insurance Group, today announced the publication of its annual report Sustainability ReportThe report details the results of NER’s client portfolio’s sustainability efforts; innovations to reduce carbon intensity for fuel and energy, as well as efforts to promote a circular economy and reduce waste, have yielded measurable results in the energy transition process.

“To the date of this report, we have supported over $4 billion in investment, accelerated the deployment of impactful technologies, and helped shape a more sustainable future,” he said. NER CEO Tom Dickson“Investors, technology developers, insurers, industries and governments have an opportunity to maximize the impact of their capital and accelerate the energy transition. We are proud to play a key 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 2022 Inflation Reduction Bill, NER has introduced new insurance solutions to support projects focused on the energy transition in 2023. These include energy transition tax credit insurance and the first battery distribution insurance transaction. Additionally, NER’s innovative solutions enable customers to achieve unprecedented environmental impacts. Here are a few highlights:

  • Significant waste processing: NER customers aim to transform 495,000 tonnes of waste into valuable products each year, thereby significantly reducing landfill use.

  • Low emission energy production: The insured projects are planned to produce 3.7 TWh of low-emission energy per year, enough to power 350,000 U.S. homes and increase energy resilience.

  • Low carbon fuel production: The facilities supported by NER are set to produce 50 million gallons of low-carbon fuel per year, providing a key bridge to a decarbonised transportation sector.

  • Reducing CO2 emissions: The projects are planned to prevent emissions of 669,334 tons of carbon dioxide equivalent each year, equivalent to the emissions of 910,000 passengers flying round-trip from New York to San Francisco.

To learn more about NER’s efforts to accelerate the deployment of groundbreaking technologies that address global challenges, click here to download the full report Here.

About New Energy Risk

New Energy Risk is a pioneer of large-scale, groundbreaking technology performance insurance solutions. The company provides complex risk assessment and acts as a bridge between technology innovators, financiers and insurers. Insurance policies are administered through New Energy Risk’s subsidiary, Complex Risk and Insurance Associates, LLC, CA License #0I24307. Learn more: https://newenergyrisk.com.

About Paragon

Founded in 2014, Paragon Insurance Holdings, LLC writes all commercial insurance lines across more than 25 programs. Paragon’s industry-specific and general insurance capabilities deliver unparalleled products, services, capabilities and results to insureds, retail agents, carriers, reinsurers and service providers. Learn more: https://www.paragoninsgroup.com.

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Communication

Shawn Langlois
EVP Communications
Paragon Insurance Holdings, LLC
[email protected]
(310) 989-4895