September 21, 2020 Read More →

Businesses hope to hold insurance industry accountable for climate change

Mercom India:

Sixty U.S. companies have teamed up to persuade American insurers to ditch fossil fuel-based businesses.

In a letter to insurers, these businesses said: “As insurance customers, we are expressing our desire for insurance coverage…that isn’t tied to supporting fossil fuels and actively supports renewable energy.”

Businesses, including Unilever group company, Ben & Jerry’s, and outdoor-gear producer Patagonia have teamed up under the ‘Insure Our Future.’ It is a campaign by environmental, consumer protection groups, and grassroots organizations.

According to IEEFA, globally, insurers have divested roughly $8.9 trillion of investments in coal – over one-third of the industry’s global assets. Some 35 companies have taken action, up from 15 companies since 2017, with $4 trillion in assets under management. In December last year, DB Insurance, the first South Korean insurer, announced a formal coal exit policy. Korean Teachers’ Credit Union and the Public Officials Benefit Association joined hands with DB Insurance to refrain from new coal investments.

Besides insurers, several banks have also decided to pull the plug on coal.

[Debjoy Sengupta]

More: US Companies Ask Insurers to Say No to Fossil-Fuel and Support Renewable Businesses

Posted in: IEEFA In the News

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