🧵Absolutely amazing commentary in a key insurance industry journal, just in time for #EarthDay2020
We couldn't have written the headline any better:
🔥"Why the Insurance Industry Must Stop Supporting Fossil Fuels"🔥
You'll want to bookmark this one. Here's some choice quotes:
We couldn't have written the headline any better:
🔥"Why the Insurance Industry Must Stop Supporting Fossil Fuels"🔥
You'll want to bookmark this one. Here's some choice quotes:
"The industry is seeing record-breaking losses from extreme weather events that are intensified by a warming planet. Paradoxically, it's simultaneously fueling climate change by underwriting & investing in the dirty energy projects & companies that are at the root of the crisis."
✔️U.S. insurers have $450 billion invested in fossil fuels. Many underwrite the expansion of coal, oil, & gas.
✔️ New coal plants are planned in 60 countries; if built, these projects will add over 579 GW to the global coal plant fleet.
✔️ New coal plants are planned in 60 countries; if built, these projects will add over 579 GW to the global coal plant fleet.
"To truly tackle the climate crisis at scale, the insurance industry must adopt clear plans to align all of their business with 1.5º C. That starts with not supporting the build-out of new coal, oil or gas projects & fully phasing out coal and tar sands business." We agree, obv.
"The entire industry must act, not just a handful of companies. AIG, for example, is a top global coal insurer & one of the few remaining companies that can take the lead in underwriting multi-billion-dollar coal projects." It's CEO doubling down on coal, "undermines the progress
others in the industry have made."
Here's the kicker (remember, this is in an insurance industry journal):
"The reputational risk companies will face for continuing to do business with fossil fuels needs to be taken into account. @LibertyMutual has been the subject of protests
Here's the kicker (remember, this is in an insurance industry journal):
"The reputational risk companies will face for continuing to do business with fossil fuels needs to be taken into account. @LibertyMutual has been the subject of protests
at their offices, demonstrators have been showing up at @naic meetings & the young people the industry needs to bring into the workforce want to work for companies that are actively fighting the climate crisis."
For more on this, @TeenVogue has you covered teenvogue.com/story/climate-…
For more on this, @TeenVogue has you covered teenvogue.com/story/climate-…
He concludes: 👏👏
"I believe insurers will increasingly struggle to attract & retain qualified talent if they continue to support activities that exacerbate climate change...It’s time for US insurers to catch up w/ global efforts to tackle the crisis. There are no more excuses."
"I believe insurers will increasingly struggle to attract & retain qualified talent if they continue to support activities that exacerbate climate change...It’s time for US insurers to catch up w/ global efforts to tackle the crisis. There are no more excuses."
