A bunch of Democratic lawmakers, principally members of the Congressional Progressive Caucus, have requested among the nation’s largest insurance coverage corporations to cease underwriting new fossil gas tasks that contribute to local weather change.
New York Representatives Mondaire Jones and Alexandria Ocasio-Cortez in addition to California’s Jared Huffman and Adam B. Schiff had been amongst 16 lawmakers who issued the letters on Wednesday to greater than a dozen insurance coverage corporations, together with American Worldwide Group Inc., Berkshire Hathaway Specialty Insurance coverage Co. and Chubb Ltd.
“The insurance coverage business income from the enlargement of fossil fuels whereas ripping the rug out from beneath the communities most affected by local weather change,” based on the letters.
To keep away from essentially the most catastrophic results of local weather change, the Worldwide Vitality Company says there can’t be any new improvement of fossil gas tasks. The letter additionally criticized insurers for slicing again providers and elevating costs in areas most affected by local weather threats, like wildfires.
The letters come as insurers attempt to distance themselves from fossil fuels and obtain carbon neutrality objectives.
Final month, AIG dedicated to a net-zero greenhouse gasoline emission plan that included a halt on investing in and insuring development of recent coal-fired energy crops, thermal coal mines and oil sands. Different insurers have taken related steps, with greater than 20 of the world’s largest insurers committing to transition their portfolios to net-zero emissions by 2050.
Picture: A firefighter protects a house as flames method in the course of the CZU Lightning Complicated hearth in Santa Cruz County, California in Aug. 2020. Photographer: Philip Pacheco/Bloomberg
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