Without insurance, new fossil fuel projects cannot be built and most existing ones cannot continue to operate. While some insurers have started to rule out underwriting a few coal projects, the sector continues to wreck our climate by supporting ever more coal mines, gas pipelines and oil fields.
These projects are often built on stolen land and poison local communities. The impacts of climate chaos will destroy the lives of billions of people, devastating already exploited communities first. Right now, millions of people are losing their homes, livelihoods and food security to natural disasters. Thousands are losing their lives. The response from insurance companies is to increase their profits by cutting off insurance from the communities on the frontline of climate change.
At Lloyd's of London HQ Pacific Climate Warriors lay floral tributes to those in danger from climate change in their home islands.
Across the world, communities are standing up to the insurance industry to stop fossil fuel projects. We stand in solidarity with them to demand climate justice. The insurance industry must stop underwriting fossil fuel projects, divest their funds from fossil fuel companies, and pay reparations to communities for the loss and damage already being done.
Utilities are struggling to find insurance to build new coal power outside China, finds a report released today by the Insure Our Future campaign and Korean non-profit Solutions for Our Climate, which have obtained documents providing a rare snapshot of the state of the industry.
Last Thursday, 18th May, Coal Action Network protested outside of Lloyd’s of London, for their role in insuring the expansion of the Trans Mountain Pipeline (TMX) and the East Africa Crude Oil Pipeline (EACOP).
Lloyd’s of London new Environmental, Social and Governance (ESG) Report, published two days ahead of its Annual General Meeting on May 19, exemplifies many of the worst aspects of corporate greenwashing.
“As one of the last major insurers without restrictions on coal insurance, AIG’s new commitments to reduce underwriting for coal, tar sands oil, and Arctic oil and gas are a major step forward for people and the planet,”
Adani’s mines are supported by the UK’s finance industry – providing insurance and funding for it’s devastating coal mines in Australia, India and beyond. Can you to join us on Twitter and Facebook, to take on the institutions enabling climate breakdown?
“It is a serious problem that John Neal has not been well enough briefed, or is just personally sceptical, about climate science and the findings of the International Energy Agency.”
Last Friday 29th October, on the eve of COP26 climate talks, Coal Action Network, Extinction Rebellion North East and Newcastle Youth4Climate set up a climate justice memorial at Chubb Insurance (116 Quayside). The climate memorial was created to remember communities…
Today, on the eve of COP26 climate talks Coal Action Network were joined by Youth Strikers from across the world and the Pacific Climate Warriors, to set up a climate justice memorial at Lloyd’s of London HQ. The climate memorial was created to remember communities on the front lines of climate breakdown, who are being directly impacted by harmful projects and climate impacts.
As they reopened after lockdown, Lloyd’s of London and companies involved in their marketplace opened their offices to find local people demanding that they rule out insuring the West Cumbria and Adani coal mines immediately.
Major Lloyd’s of London insurer Brit is the latest firm to rule out insurance for Adani’s controversial Carmichael coal mine project.
