Bermudian-based Axa XL is partnering with London GreenCity, Britain’s first accelerator for development-stage climate tech entrepreneurs, to offer expertise in insurance and risk management to its members.

London GreenCity supports the development of new technologies that address the causes and impact of climate change, encouraging innovation in renewable power generation, battery storage, transport, agriculture, the built environment and the financing of the transition to a low-carbon economy.

Sean McGovern, the chief executive of UK & Lloyd’s at Axa XL, said: “Insurance is an enabler of the energy transition and we are delighted through our partnership with London GreenCity to be able to provide our risk management expertise and to support the unlocking of finance to power the growth of these exciting early stage climate tech businesses.”

Laith Anezi, co-founder and general partner of London GreenCity, added: “Axa XL’s belief in our mission to be the largest, development-stage climate tech accelerator in the UK is not just a testament to its leadership in sustainability, it’s a powerful step towards driving the global clean energy transition. Together, we can make a difference that will resonate for generations to come.”