A group of Democratic lawmakers, mostly from the Congressional Progressive Caucus, has asked some of the country’s largest insurance companies to stop underwriting new fossil-fuel projects that contribute to climate change. Representatives Mondaire Jones and Alexandria Ocasio-Cortez of New York, as well as Jared Huffman and Adam B. Schiff of California, were among 16 lawmakers… Continue reading U.S. Lawmakers Ask Insurers to Stop Underwriting Fossil Fuels
Tag: fossil fuels
Big Insurance Companies Launch Net-Zero Climate Alliance
Eight of the world’s leading insurance and reinsurance companies on Sunday launched an alliance to help speed up a transition to a net zero emissions economy. The companies, which include Europe’s top three insurers by premiums – Allianz, AXA and Generali – said the Net-Zero Insurance Alliance (NZIA) would work to shift underwriting portfolios towards… Continue reading Big Insurance Companies Launch Net-Zero Climate Alliance
Energy Transition for Power Sector Creating New Risks: WTW
Power companies are facing key challenges arising from the energy transition and the move to cleaner fossil fuels, according to Willis Towers Watson’s 2021 Power Market Review. These include how power companies need to substantially reduce their greenhouse gas (GHG), emissions (referred to as climate change mitigation) as well as ensuring the resilience of their… Continue reading Energy Transition for Power Sector Creating New Risks: WTW
Major Oil Companies Look to Fill Businesses’ Growing Appetite for Green Power
Businesses are buying more renewable power, and oil majors want a piece of the action. European oil companies including BP PLC and Royal Dutch Shell PLC are building new wind and solar projects and striking deals to supply electricity to big corporate buyers like Amazon.com Inc. and Microsoft Corp., treading into the domain of traditional… Continue reading Major Oil Companies Look to Fill Businesses’ Growing Appetite for Green Power
Dumping Coal Can Be Good for Insurance Company Stock
As far as climate groups like the Sunrise Project are concerned, getting insurers out of the coal underwriting business is the most important thing they can do. No more insurance, no more coal. It’s something Sunrise has been pushing for years. But while it’s happening in Europe, it hasn’t caught on in America. Analysts at… Continue reading Dumping Coal Can Be Good for Insurance Company Stock
Businesses Call on U.S. Insurers to Ditch Fossil Fuel Underwriting
A group of about 60 American businesses on Thursday urged their insurers to stop providing coverage to and investing in fossil fuel producers. In a letter, companies including outdoor-gear producer Patagonia and ice-cream maker Ben & Jerry’s, a unit of Unilever, called on U.S. insurers to drop ties to coal, oil and gas. “The insurance… Continue reading Businesses Call on U.S. Insurers to Ditch Fossil Fuel Underwriting
Connecting Climate Change Nuisance Suits to Insurance Recovery
Over the past few years a wave of lawsuits has sought to hold fossil fuel companies responsible for the societal costs associated with climate change. For the most part, these lawsuits have been brought by cities, counties, and one state in which the plaintiffs have pressed novel claims of public nuisance and other state laws… Continue reading Connecting Climate Change Nuisance Suits to Insurance Recovery
Will New Law Expose Links to Climate Risk?
Connecticut Insurance Investigation On March 5, Connecticut lawmakers will have a public hearing on whether insurance companies should be forced to disclose their involvement in the fossil fuel industry. A bill is working its way through the state senate that would assign the state insurance commissioner to investigate insurance companies concerning climate issues. The commissioner… Continue reading Will New Law Expose Links to Climate Risk?
Financial Services Industry Must Act Faster on Climate Change Says BOE’s Carney
Financial services have been too slow to cut investment in fossil fuels, a delay that could lead to a sharp increase in global temperatures, Bank of England Governor Mark Carney said in an interview broadcast on Monday. Carney, due to become the United Nations’ special envoy for climate change next year when he steps down… Continue reading Financial Services Industry Must Act Faster on Climate Change Says BOE’s Carney
Coal Power Becoming ‘Uninsurable’ As Firms Refuse Cover
The number of insurers withdrawing cover for coal projects more than doubled this year and for the first time US companies have taken action, leaving Lloyd’s of London and Asian insurers as the “last resort” for fossil fuels, according to a new report. The report, which rates the world’s 35 biggest insurers on their actions… Continue reading Coal Power Becoming ‘Uninsurable’ As Firms Refuse Cover