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Guest Contributor: Nick Holmes
As insurers retreat, the coal industry is turning to self-insurance
The good news is that coal is rapidly becoming uninsurable. Coal has been one of the largest contributors to climate change in history, and COP26 recently identified its elimination from energy sources as a prerequisite to meet the Paris Agreement’s 1.5℃ warming target. European insurers like AXA, SCOR and Zurich have led the way in […]
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BusinessGreen: Nest claims firms have ‘not done enough’ on climate to remain shareholders, in move prompted by UBS Asset Management’s decision to eject firms from ‘climate aware’ fund Government-backed pensions scheme Nest has divested from a string of carbon-intensive fossil fuel companies, including US oil major ExxonMobil and Canada’s Imperial Oil, citing concerns over their […]
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Dow Jones Newswires: AIA Group Ltd. said Tuesday that it has exited coal investments and made new climate commitments amid rising pressure on the insurance industry to ditch fossil fuels. The Asia-focused insurance giant said that as of October, it had sold coal-related investment holdings of about $10 billion, fully eliminating exposure to coal mining […]
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Wall Street Journal ($): At the end of 2019, General Motors Co. announced a $1 billion investment to produce a new generation of Chevrolet Colorado and GMC Canyon pickup trucks at its factory in Wentzville, Mo. Just over a year later, GM said it would go all electric by 2035. Analysts are worried that some […]
Guest Contributor: Nick Holmes
From environmental and business perspectives, PZU still insuring coal is at odds with its share price - and its peers
Poland’s largest insurer, PZU, stands out among European insurers — for the wrong reason. It is conspicuous in still insuring coal when almost all of its European peers are exiting coal. This action goes against all of the objectives of the UN Paris Agreement to phase out fossil fuels by 2050. We know that this […]
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Bloomberg ($): New York State’s financial regulator called on insurers to consider climate-related risks in their business planning and provide related disclosures. The guidance published Monday by the Department of Financial Services directs insurers based in the state to account for their exposure to rising sea levels and climbing global temperatures. That includes disclosing climate […]
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ReNews.biz: UK-based Low Carbon and the Massachusetts Mutual Life Insurance Company (MassMutual) have joined forces to build a global renewable energy independent power producer targeting 20GW by 2030. The partnership will also support Low Carbon’s ambition to raise third-party investment funds with the aim of directing capital into large-scale renewable energy infrastructure projects in the […]
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Hartford Courant: The Hartford Financial Services Group Inc. announced Tuesday that it anticipates exiting all tar sands investments by Dec. 31, two years ahead of its commitment announced in 2019. The insurance and financial services giant, detailing updated environmental policies on several fronts, also said that it did not expect to exit coal-investment holdings earlier […]
Guest Contributor: Nick Holmes
Now it’s time for the rest of the global insurance industry to do the same
At the COP26 summit, leading global insurance firm AXA announced an important step forward in its strategy to combat climate change. It has considerably extended its restrictions on both investing in and insuring new oil and gas projects. This comes after AXA already established itself as one of the insurance world leaders in combating climate […]
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S&P Capital IQ ($): Obtaining insurance for oil and gas companies just got a little harder after AXA SA, a global French insurance company, said it would exclude most greenfield exploration and projects involving oil sands and shale gas. AXA’s U.S. operations generated €18.5 billion in 2020 revenue. AXA is the first global insurer to […]
IEEFA: AIA too important to lag global insurers in coal investment, divestment, and exclusion
AIA must back their climate pledges21 December 2020 (IEEFA Asia): Major insurer AIA still holds anywhere between US $4 – 6 billion in coal and coal-fired power assets that if stranded will massively reduce wealth for investors and despite pledging its commitment to three significant global climate accords according to a new report by the Institute for Energy Economics and […]