Supporting the production of lithium, a key enabler of the energy transition

At SCOR, we are deeply committed to supporting the global energy transition. As a longstanding participant of the United Nations Global Compact and a founding signatory of the Principles for Sustainable Insurance, we integrate Environmental, Social, and Governance (ESG) principles into our underwriting and investment policies. Our dedication to fostering the energy transition is exemplified through our insurance of innovative projects like the Albemarle Corporation’s proposed development of a lithium mine in Kings Mountain, South Carolina. 

Lithium: a key enabler of the energy transition

Lithium is essential for the energy transition because it enables the production of rechargeable lithium-ion batteries, which are critical for storing and distributing energy from intermittent renewable sources — meaning they don’t always generate power — like solar and wind. Lithium-ion batteries store excess renewable energy during periods of high generation and supply it when demand is high or when the sun isn't shining, which helps to stabilize the grid and maximize the use of clean energy.  

Lithium is also the core component of the batteries that power electric vehicles (EVs). The widespread adoption of EVs is a major factor in reducing CO₂ emissions from the transportation sector, a significant contributor to global carbon pollution.

Albemarle: a leading provider of lithium and other essential elements

As the the largest producer of lithium in the United States, and a major supplier to the EV market, the Albemarle Corporation is at the forefront of the renewable energy revolution. 

The Kings Mountain facility sits on one of the world’s richest deposits of spodumene, a lithium ore. The site currently includes a 5,500-ton lithium conversion facility that produces lithium compounds, which are essential to many elements of modern life — from electric vehicles and energy grids to smartphones and pacemakers. With the help of a grant awarded by the Department of Energy (DOE), Albermarle intends to develop the facility in line with the Initiative for Responsible Mining Assurance’s (IRMA) Standard for Responsible Mining, which is considered the most comprehensive and rigorous standard for the assurance of responsible mining practices.

SCOR's Broader Commitment to Renewable Energy

Our support for the Kings Mountain project is part of SCOR's broader strategy to foster a sustainable and resilient future. Through our New Energy Practice, launched in 2023, we support the ongoing energy growth and transition needs of our clients, offering comprehensive insurance solutions for a wide range of low-carbon technologies such as wind farms, solar farms, carbon capture, and biofuels.

Looking Ahead

As we continue to support projects like Kings Mountain, SCOR remains committed to accelerating the energy transition. By providing end-to-end coverage and leveraging our global expertise, we ensure that our clients are protected at every stage of their energy transition journey. Together, we can build a more sustainable future.