Japanese insurer Tokio Marine has launched a new unit, Tokio Marine GX (TMGX), to provide insurance services for activities associated with the low-carbon transition. Chair Fraser McLachlan revealed that TMGX will cater to sectors like green hydrogen, shipping, and cement, aiming to generate $1 billion in revenues by the end of the decade. The unit plans to offer up to $500 million in coverage per risk and capture at least a 10% market share by 2030. Tokio Marine's approach with TMGX involves doubling its existing headcount and revenue, focusing on newer technologies such as nuclear, hydrogen, fuel cells, and electric vehicles that have not been adequately served by the insurance industry. The company also intends to provide innovative solutions like tax credit insurance to mitigate risks for businesses and lenders, ultimately facilitating financing for sustainable projects. McLachlan emphasized the importance of creative insurance solutions in supporting the transition to a low-carbon economy and meeting climate goals. By exploring partnerships with managing general agents, Tokio Marine GX seeks to efficiently access markets and drive funding towards projects aligned with environmental, social, and governance (ESG) objectives. With a proactive stance towards addressing climate change and promoting sustainability, Tokio Marine GX aims to play a significant role in driving positive impacts in the insurance and financial sectors.