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Insurance companies moved to divest from coal projects

Guardian 15th Nov 2017, A growing number of insurance companies increasingly affected by the
consequences of climate change are selling holdings in coal companies and
refusing to underwrite their operations.

About £15bn has been divested in
the past two years, according to a new report that rates the world’s
leading insurers’ efforts to distance themselves from the fossil fuel
industry that is most responsible for carbon emissions.

Fifteen companies -almost all based in Europe – have fully or partially cut financial ties,
says the study by the Unfriend Coal campaign, which represents a coalition
of a dozen environmental groups incl uding Greenpeace, and the
Sierra Club.

Zurich, the world’s seventh biggest insurer, is the latest to
shift away from coal, announcing this week that it is pulling out of coal
to contribute to broader efforts to achieve the Paris accord goal of
keeping global warming below 2C. Allianz, Aviva and Axa have previously
made similar moves. Lloyd’s and Swiss Re are expected to follow in the
coming months. The campaign has a long way to go. The early movers
represent only 13% of all global insurance assets. None of the major US
insurers such as Berkshire Hathaway, AIG and Liberty Mutual have taken
action, according to the study. Despite this, the authors say the shift of
assets and coverage since 2015 is gaining momentum.


November 16, 2017 - Posted by | climate change, EUROPE

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