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INSURE OUR FUTURE NEWS ALERT

Insure Our Future (formerly Unfriend Coal) calls on insurance companies to rule out cover for all fossil fuels which are inconsistent with international climate targets.  

Campaigners demand Lloyd's wash its hands of coal and tar sands

 

Today, marking the launch of a global campaign, Insure Our Future takes global climate concerns to Lloyd’s of London’s front door as it reopens its underwriting hall. 
 
As insurance professionals enter the building, campaigners welcome them with the message that Lloyd’s market must ‘wash its hands of coal and tar sands’ insurance to protect the climate.
 
Since 2017, 19 global insurers have restricted insurance for and investments in coal and tar sands. Meanwhile, Lloyd’s has stepped in to cover various controversial fossil fuel projects – including the proposed Adani Carmichael coal mine in Australia, the Trans Mountain tar sands pipeline in Canada, and reinsurance for Polish coal mines.

Coal is the world’s biggest single source of carbon emissions, and tar sands are one of the highest-carbon sources of oil on the planet. No new coal or tar sands projects are consistent with the Paris climate targets of 1.5C warming.
 
Campaigners have criticised Lloyd’s for failing to take meaningful action on climate change, and undermining the positive climate action of other insurers. A report by the Insure Our Future campaign in 2019 found that Lloyd’s has become the ‘insurer of last resort’ for fossil fuel projects.

Read more on how Lloyd's is fuelling the climate crisis
Lindsay Keenan, Insure our Future's European coordinator said: “Lloyd’s needs to act on the science, follow other leading insurers and stop providing the insurance cover that supports and enables climate destroying coal and tar sands projects. Lloyd’s has both a moral imperative and a long-term self interest to act as society’s risk manager and stop being a stain on the European insurance industry.”
Carrie Tsai, spokesperson for the Stop Adani campaign said: “Lloyd’s must refuse insurance for Adani’s deeply unpopular and environmentally destructive Carmichael coal project. Lloyd’s needs to act on the climate crisis, not act as the last refuge for climate wreckers like Adani to secure insurance. Insurers who associate with Adani’s toxic brand cause massive damage to their reputation.” 
Kukpi7 Judy Wilson, Secretary-Treasurer of the Union of British Columbia Indian Chiefs and Chief of the Neskonlith Indian Band said: “Trans Mountain put in the existing line without the consent of impacted First Nations and we have said ‘no’ countless times to the proposed expansion. As Indigenous peoples, we are stewards of our lands and waters. We have jurisdiction over activities that happen in our territories, and we don’t want them ruined by oil spills. We will continue to advocate against the insurers, like Lloyd’s, that continue to back the Trans Mountain pipeline and its expansion, and call on all insurance companies to adopt policies on respecting Indigenous rights and title and limiting the impacts of climate change.”
Sven Biggs, Canadian Oil and Gas Program Director for Stand.earth said: “Tar sands are some of the dirtiest, most carbon intensive oils in the world. So when a company like Lloyd’s chooses to continue to support projects like the Trans Mountain pipeline, which will grow the tar sands and speed up climate change, what they are really choosing to do is put their short term profits ahead of everyone else's right to a safe planet.”
IN OTHER FOSSIL FUEL INSURANCE NEWS:

SUNCORP DROPS OIL & GAS


AUS insurer Suncorp will no longer underwrite any new oil and gas exploration projects with immediate effect, in addition to phasing out all underwriting and financing for such projects altogether by 2025...
Read more

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