Achieving Net Zero: Practical workshop focuses on classifying and pricing the patterns of risk
Using digital technologies to visualize operations and identify uncertainties in order to make better commercial and ESG decisions
We are in a second energy upheaval! The first occurred when the maritime sector changed, simultaneously, from sail to steam and wood to iron. The London market in the form of Lloyds responded to this. Today, in a very similar frenzy, this time to achieve ‘Net Zero’, the technologies may be very different, but insurance and investment market-need and human nature remain very much the same.
Karen Seath, Lead Blue Economic Ecosystem at the D’Arcy Thompson Simulator Centre, based at St Andrews University explained: “Insurance and indemnity are two crucial enablers of investment in innovation and change, yet those involved may not be able to adequately determine residual uncertainty due to the novelty.
“Evermore accessible visualization and simulation tools and techniques now make it possible for underwriters, P&I Clubs to be brought in at an early stage, alongside investors, using virtual assets placed within the intended operational setting, when there is still the time, money and appetite to make the changes that would make the difference between them coming on board, or not. What is being re-kindled in this initiative is a proven, commercial symbiosis.”
The free SustainaVerseTM Afternoon Workshop taking place at Lloyds Lab in The Lloyds Building, Lime Street, London on Tuesday 16 May (12:00-15:30) aims to provide a solution.
The D’Arcy Thompson Simulator Centre as a provider of sustainability assurance, the London City Branch of the Society for Underwater Technology (SUT) as a learned society, Beazley as underwriters, the Waves Group as warranty surveyors working in maritime and oil and gas, and IQ3 Connect, providers of a collaborative VR platform, are holding the event at Lloyds Lab to explore how A CANVAS (Abstraction, Calculation, Analysis, modelliNg, Visualization, Animation and Simulation) can help ensure that test design is complete, and residual risk adequately identified.
Aimed at Underwriters, P&I Clubs, Sustainable, Responsible Impact+ Investors+, Brokers, Lawyers, Technology Providers, Operators and Owners, Members of the SUT, and Members and Associates of the International Salvage Union (ISU), the workshop will feature two short presentations covering electricity generation scenarios and ESG. A hands-on exercise using collaborative VR, will then be followed by examples of where Visualization and Simulation has informed academic research, operations, and spatial planning.
As Moya Crawford, President of the SUT, said: “The SUT is delighted to be involved in this event. Our aim, as a multidisciplinary learned society, is to bring together organisations and individuals with a common interest in sustainability, responsibility and impact, alongside our traditional areas of underwater technology, ocean science and offshore engineering. Introducing the latest digital technologies in tandem with creating thinking around classification, places our London City Branch at the heart of debate and knowledge-sharing around global ‘net zero’ challenges”.