Discover and read the best of Twitter Threads about #InsureOurFuture

Most recents (9)

Breaking: a new @Greenpeace report just exposed the insurance companies underwriting the massive expansion of oil and gas extraction in Norway’s North Sea. Also today, >500 British students informed fossil fuel insurers they won’t work for climate wreckers. Read on! 🧵 Image
The Greenpeace report identified 69 insurers offering cover for the 21 oil and gas companies with massive expansion plans in the North Sea. Most of them are syndicates of @LloydsofLondon such as @BeazleyGroup, @britinsurance and @HiscoxComms.
The 21 companies are planning to develop new oil and gas fields holding about 3 bn barrels of oil equivalent, which will produce some 1.3 bn tons of CO2 when burnt. Climate scientists tell us that none of these projects can go forward within 1.5C of global warming.
Read 10 tweets
🔥 Insurance is the Achilles heel of the fossil fuel industry. A new #InsureOurFuture report published today finds that new coal power plants have become near uninsurable and that insurers have finally started to move away from oil and gas. A short 🧵 on leaders and laggards! 🔥
So far 41 insurers, up from 36 last year, have adopted coal restrictions. 📈 Their share of the reinsurance market has grown to 62% and much of the rest isn’t insuring coal anyway. Insurance capacity for coal has dwindled to $250m – 1/10 of the capacity for other power projects!
And 13 insurers, up from only 3 last year, have adopted restrictions on oil and gas. Their share of the reinsurance market has grown to 38%, up from 3% last year. 18 insurers have pledged not to insure the Trans Mountain pipeline and 18 have done the same for EACOP.
Read 13 tweets
BREAKING: @MunichRe, the world’s biggest reinsurer, has just adopted an oil and gas exit policy. 🔥 Munich Re underwrites 22% of the global economy so this sends a strong message to insurers, energy companies and governments still considering new fossil fuel infrastructure. 🧵
👍 Under the new policy, Munich Re will no longer insure or invest in new oil and gas fields, new oil midstream projects and new oil power plants from April 2023. This applies to Munich Re’s primary, facultative and direct reinsurance.
👎 The policy doesn’t address insurance for gas pipelines, LNG plants and gas-fired power plants, and is silent on how to address oil and gas in Munich Re’s treaty reinsurance business. A lot of progress and some more work to be done!
Read 12 tweets
🎄🗓️ DAY 1

Here we go Bruce @BNCB of @LloydsofLondon: your first advent scene!

We know how much you ADORE cricket. You're @MCCOfficial Chair after all!

So here’s a miniature🏏pavilion we made especially for you.

Now don't forget to check out the sign...👀🪧

#InsureOurFuture ImageImage
🎄🗓️ #AdventCalendar: Day 2!❄️

We’ve added beautiful #advent trees for you Bruce @BNCB of @LloydsofLondon.

But how much longer until they’re cut down? 😢

Hey, is that a child up there? We love seeing kids climbing trees! 🌳

And great sign kido!🌎

#InsureOurFuture #StopAdani ImageImage
🎄#AdventCalendar: Day 3!

Look @BNCB of @LloydsofLondon the cricket players have arrived!😀

Best get those matches in while you can:

Cricket is one of the sports most affected by flooding and extreme heat caused by the #ClimateCrisis. 😬

Do it for the 🏏if not for the kids! ImageImage
Read 24 tweets
BREAKING: Our 5th annual scorecard finds that US insurers like @AIGinsurance @Travelers & @warrenbuffet are the worst insurers ON THE PLANET when it comes to climate. With the climate in crisis, US insurers are pouring gasoline on the fire.

Read more: Image
The world’s top scientists: We can’t afford any fossil fuel expansion

@ChubbNA @LibertyMutual & @AIGinsurance: support oil & gas expansion worldwide that poses a massive risk to our planet. Not ONE US insurer has ruled out new oil & gas.

@SenWhitehouse has a message for them. Image
In fact, US insurers haven’t even gotten out of the coal business! 35 insurers worldwide restrict support for coal. But @AIGinsurance and @Travelers still underwrite coal with ZERO restrictions, which is why they rank dead last in our scorecard:… Image
Read 6 tweets
BREAKING: In a welcome reversal, the @IEA today concluded that “there is no need for investment in new fossil fuel supply” in a net-zero pathway to 2050. This punctures all the fossil fuel expansion plans in shallow corporate net-zero pledges. A brief #InsureOurFuture thread.
The IEA finds that reducing carbon emissions to net zero calls for “a complete transformation of how we produce, transport and consume energy”. This transformation will create 30 million jobs and result in at least 2 million fewer premature deaths per year from air pollution.
Even if the IEA continues to underestimate the potential of wind and solar and talks up CCS, “net zero means a huge decline in the use of fossil fuels” according to the roadmap, and the demand for coal, oil and gas will fall by 90%, 75% and 55% in the next three decades.
Read 8 tweets
BREAKING: Coal is becoming uninsurable but major laggards are still offering cover and insurers have so far not moved away from oil and gas, the @InsOurFuture’s new scorecard report shows. A quick 🧵 on the good, the bad and the ugly!
👍Since 2017, 23 major insurers have stopped insuring coal projects. Premiums for coal companies have gone up by up to 40% this year, and “businesses with exposure to coal are being punished as many insurers withdraw their support”, an insurance broker warns.
👍By now, at least 65 insurers with combined assets of $12 trillion – ca. 43% of all insurance assets – have divested from coal in some way, and divestment is “slowly squeezing the entire coal industry like an anaconda”, an analyst warns.
Read 14 tweets
BREAKING: Today we joined 140+ groups representing 24 million people to call on @LibertyMutual @ChubbNA @AIGinsurance & other #TransMountain insurers to drop the climate-destroying, rights-violating pipeline: Image
Take action to make Trans Mountain uninsurable. Demand that @LibertyMutual @ChubbNA drop the pipeline here:
Read 3 tweets
We can’t keep global warming to 1.5 °C if oil and gas production continue to expand. The new #InsureOurFuture campaign calls on insurers to stop insuring oil and gas expansion. Who are the main actors in this business? (1/8) Image
The world’s biggest oil and gas insurers are @AIGinsurance, @Travelers, @Zurich and @LloydsofLondon, a new #InsureOurFuture report reveals. (2/8)… Image
Next in line: second-tier oil and gas insurers @Allianz, @Chubb, @LibertyMutual, @MAPFRE and @WRBerkleyCorp. We’re watching you! (3/8) Image
Read 8 tweets

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