Natural catastrophes and un-modelled extreme weather risks have now become a global threat for renewable energy markets, raising concerns about the long-term bankability and viability of clean energy projects as the industry expands, according to GCube’s “Known Unknowns” report.
Fraser McLachlan, CEO of GCube Insurance, said: “For years, the US has been at the frontline of the renewable energy market’s battle with Nat Cat and extreme weather risk. But while North America has long been the focal point of these challenges, it is now evident that this has become a global issue.
“Across Europe, the Middle East, and Australia, the renewables sector recognises the increasing climate-driven risks, but, due to modelling and data shortfalls, the full scale and complexity of those risks remain unclear.”
As the report revealed, climate-driven risks in renewable energy are no longer just a US problem, as Europe, the Middle East,…
