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.
And so the @IEA reaches its stunning conclusion: “Beyond projects already committed as of 2021, there are no new oil and gas fields approved for development in our pathway, and no new coal mines or mine extensions are required.”
Insurers such as @Allianz, @AXA, @MunichRe and @Zurich have all committed to a Net-Zero pathway to 2050. Yet all of them are leading insurers of the oil and gas industry, with Zurich and Allianz controlling 10.8% and 8.9% of the global oil and gas insurance market respectively.
With the IEA justification gone, the members of the Net Zero Insurance Alliance must adopt policies that rule out cover for new oil and gas projects in the upstream, midstream and downstream sectors before the Glasgow COP for their commitments to remain credible. #NZIA
Global laggards like @AIGinsurance, @LloydsofLondon and @Tokio Marine, which are still insuring new coal projects, must end their support for the expansion of fossil fuel production without further delay. #InsureOurFuture
You’ll find the new IEA report at and the full #InsureOurFuture comment at For in-depth analysis, check out @PriceOfOil, @EmberClimate, @CarbonBubble and other #EnergyTwitter stalwarts!

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More from @PeterBosshard

2 Dec 20
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
22 Jun 20
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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