Former F1 champ Nico Rosberg races ahead to electric cars
Just five days after winning the Formula 1 world championship in 2016, Nico Rosberg shocked fans by announcing his retirement from the sport. Now a key voice in sustainable investment and entrepreneurship, Rosberg believes that climate change will drive future generations to focus on green technologies.
Former Formula 1 champion Nico Rosberg speaks about electric vehicle racing in the sixth episode of Bloomberg TV’s Leaders with Lacqua Goes Green, sponsored by Zurich Insurance Group (Zurich).
As a man who started life in the high-octane world of Formula 1 racing, you might be surprised to learn that Nico Rosberg is today spending his time backing projects that might silence the combustion engine forever.
“After my career I made a promise that I would live more of a life of service,” he explains to Bloomberg TV’s Francine Lacqua in the latest episode of Leaders with Lacqua Goes Green, sponsored by Zurich Insurance Group (Zurich). “Today, I consider myself a sustainability entrepreneur and it feels right. It gives me a lot of purpose in life.”
The 36-year-old describes it as a “necessary change” – part of a shift in focus that has seen him swap life behind the wheel for a career as one of the planet’s most prominent voices in eco-entrepreneurship.
Driven by a passion to create positive change, Rosberg now works on everything from sustainable technology summits to eco-friendly yachts. But, as you might expect from a man who spent his formative years behind the wheel, his heart is still very much in the world of motorsport.
Rosberg is heavily involved in electric vehicles (EVs), in particular Formula E and Extreme E, the eco-focused race series in which he was an early investor. “I see sports as a very important vehicle for good and also in the fight [against] climate change,” he says in the Bloomberg interview. “That’s why I’m a big supporter of electric motorsports.”
Events like Formula E play a vital role in the global uptake of EVs, Rosberg says on the show. They help to educate fans at home about the impact of climate change and the role that EVs can play in combating it. They also provide a pathway for manufacturers to innovate and develop new technologies that will eventually find their way onto the consumer market.
There is already encouraging evidence of a market shift. In 2020, registrations of EVs increased by 41 percent, according to an International Energy Agency report. Some 3 million electric cars were sold globally, contributing to the 10 million such vehicles driving on the world’s roads by the end of 2020, the report said.
“It’s all driven by the younger generation,” Rosberg tells Bloomberg TV. “It makes me so optimistic because the momentum is so powerful now and that’s great to see.”
Despite his optimism, the former world champion recognizes that the industry is at an inflection point, and that more needs to be done if we are going to encourage widespread adoption.
Making EVs accessible
Some hurdles to mass adoption of EVs remain. As well as affordability and convenience, governments and automakers will need to build confidence in the reliability of new technologies among consumers. That’s where insurers can help.
Zurich, one of the world’s leading car and fleet insurers, is committed to championing the transition to green mobility by developing new products to support customers making the switch to EVs and to give them peace of mind.
“The idea of moving from a conventional, internal combustion engine car to an EV can create a lot of uncertainty in the minds of motorists,” says Gabrielle Durisch, Zurich’s Head of Sustainability, Commercial Insurance and Group Underwriting. “In response, we’re creating insurance solutions that address motorists’ concerns and help ensure uncertainty isn’t a barrier to widespread adoption of EVs.”
Since it became one of the first insurers in Europe to provide coverage for EVs in 2011, Zurich has continued to enhance its EV products for motorists. It now offers specific EV insurance to retail customers in seven countries, in addition to covering EVs within commercial portfolios and traditional products.
Services for retail customers in Ireland, for example, include specialist breakdown assistance, such as towing to the nearest charging point. This helps to reduce so-called ‘range anxiety’ – the worry among some motorists that the EV car battery may run out of power mid-journey.
“We’re also looking at transition barriers such as reliance on current electricity infrastructure,” Durisch adds. “We want to help make electric car ownership easier for everyone, those that produce the EVs, those that drive the EVs and those that supply the power.”
Zurich is also working with Rinspeed, a Swiss developer of concept vehicles, and other innovative companies, including original equipment manufacturers (OEMs) and ride-hailing providers, to develop insurance solutions to enable more sustainable and innovative mobility.
In 2021, Zurich announced with immediate effect new company vehicles will be electric or hybrid, with the goal to eliminate internal combustion engine-only vehicles from the fleet by 2025. This forms part of a broader and longstanding commitment by Zurich to support a net-zero-emissions future.
Zurich is proud to sponsor Leaders with Lacqua Goes Green to help shine a spotlight on the opportunities and challenges of climate change - the greatest risk we face today.
The series examines how society can combat climate change and create a more sustainable future.
Further information
Read about Zurich’s climate commitment
Zurich’s Sustainability Report 2020
