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INSURE OUR FUTURE NEWS ALERT

Unfriend Coal has become Insure Our Future, as the campaign widens to call on insurers to rule out cover for all fossil fuels which are inconsistent with international climate targets, not just coal.  


Insurers must drop support for new oil & gas projects

 

Insurers must end all support for new oil and gas projects in order to meet international climate targets, NGOs supporting the Insure Our Future campaign say in a letter to CEOs released today.
 
They also release research revealing that four of the 15 biggest oil and gas insurers are companies that have publicly backed the Paris Agreement target of limiting global warming to 1.5°C, while seven have already limited support for fossil fuels by restricting insurance for coal.
 
“Insurers have a responsibility to support international climate targets and align their businesses with the Paris Agreement,” says the letter, signed by 18 international NGOs including 350.org, Greenpeace, and Oil Change International. “As governments plan the recovery from the COVID-19 crisis, insurers need to champion the transition to a sustainable, fair and resilient future – as underwriters, investors and corporate citizens.”

Read more on our brand new Insure Our Future website
HIGHLIGHTS FROM THE REPORT:

NET-ZERO ALLIANCE


Four of the top 15 oil & gas insurers are members of the Net-Zero Asset Owners Alliance, and have pledged to align their investment portfolios with a maximum 1.5°C of warming – Allianz, AXA, Munich Re and Zurich...
Read more

COAL POLICY BACKERS


Seven of the top 15 oil & gas insurers have already limited support for fossil fuels by restricting insurance for coal – namely Allianz, AXA, Chubb, Liberty Mutual, Munich Re, The Hartford and Zurich...
Read more 

FOSSIL FUEL LAGGARDS


Three of the top 15 oil & gas insurers have not yet taken action of any kind on fossil fuel insurance – namely AIG, Travelers and Tokio Marine... 
 Read more

Peter Bosshard, Global Coordinator of the Insure Our Future (formerly Unfriend Coal) Campaign, said: “The massive disruption of the fossil fuel industry due to COVID-19 offers an opportunity to accelerate the required low-carbon transition. At a time when powerful governments are bailing out politically well-connected oil and gas companies, the insurance industry needs to stand up as a voice of reason and bring scientific evidence into the decision-making process about high-carbon projects.”
Nnimmo Bassey, Director of the Health of Mother Earth Foundation, said: “Oil and gas have often been described as the devil's excrement. Some think they are actually worse. In countries around the world, they leave environmental destruction, public health crises, corruption and oppression in their wake. Insurance companies need to support a rapid transition from oil and gas to people- and climate-friendly alternatives.”
Elizabeth Bast, Executive Director of Oil Change International, said: “Insurers are in the business of understanding risk. They understand why the world must rapidly transition away from all fossil fuels, and are already taking action to phase out coal. Now, they must take the next step by phasing out support for the oil and gas industry. Insurers can’t be climate leaders if they continue to backstop oil and gas expansion. Instead, they should aim to mitigate climate risks of all kinds by pursuing a managed phase-out of fossil fuel production."
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