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Insurance firms divesting…

Insurance firms divesting… 16 November 2017

Growing number of global insurance firms divesting from fossil fuels (via The Guardian)

By Jonathan Watts

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 including Greenpeace, 350.org 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.

Read more via The Guardian…