Tokio Marine, Japan's leading property and casualty insurer, has introduced Tokio Marine GX (TMGX), a new green insurance unit with ambitious goals. TMGX's primary objective is to achieve $1 billion in revenue by the end of the decade, eyeing a significant share of the $10 billion global green insurance market. The unit will specialize in providing insurance and advisory services for companies transitioning to low-carbon operations, with a focus on sectors like green hydrogen, shipping, cement, floating solar, and small-scale nuclear projects. TMGX stands out for offering high-limit coverage of up to $500 million for individual risks, catering to decarbonization initiatives involving hydrogen, nuclear, and electric vehicles. Additionally, the unit is committed to developing creative risk solutions such as tax credit insurance to facilitate financing and reduce borrowing costs for clients. Fraser McLachlan, leading both GCube and TMGX, emphasized the innovative approach of the new unit, aiming to explore new technologies and advanced risk transfer mechanisms. TMGX plans to leverage its existing renewable energy arm, GCube, to expand its revenue base and team size significantly. The GX initiative by Tokio Marine Group is not only focused on addressing physical and operational risks associated with the energy transition but also on driving financial support for projects through unique insurance offerings. By collaborating with managing general agents (MGAs), TMGX aims to expedite market entry without the need to establish internal teams, ensuring quick access to opportunities. Overall, Tokio Marine's GX initiative is positioned to play a crucial role in supporting the global transition to a decarbonized economy. By providing comprehensive insurance solutions and risk consulting services, the company aims to facilitate the shift towards carbon neutrality while preventing climate projects from facing delays due to risk-related challenges.