Reps. Huffman and Jones Call Out U.S. Insurance Company for Investing in Fossil Fuel Projects Despite Climate Risks
"At present, the insurance industry profits from the expansion of fossil fuels while ripping the rug out from under the communities most affected by climate change. Continued investment in the expansion of fossil fuels stands in direct contradiction to the scientific consensus and
"Insurance companies are meant to protect us from catastrophic risks, but the industry's ongoing support for fossil fuel expansion puts the communities they serve and our planet in peril," said
Elana Sulakshana, Senior Energy Finance Campaigner at
"Insurance companies must understand that backing dead end fossil fuel development is as bad for business as it is for our families and the animals and resources we depend on to survive. Climate change already impacts Indigenous Peoples at a greater rate than the rest of the world, and we will never stop using our strength and our voices to protect every being and element that feeds our bodies and spirit," said
No
Reps. Huffman, Jones, and their colleagues also called out
In addition to Reps. Jones and Huffman, the letters were signed by
* * *
To:
Dear Mr. Zaffino,
We write to you with concern over the
The 2022 report by the
To stay below a 1.5 C threshold, the
By enabling the expansion of fossil fuels, the insurance industry is putting its own financial viability and our economic stability at large in peril. The physical effects of climate change, including extreme weather events, could significantly impair the value of an array of real and financial assets and the institutions who own or have financial exposure to them./10 The increase in frequency and severity of wildfires, floods, hurricanes, and droughts will disrupt supply chains, compress corporate profits, drive up insurance claims, reduce the availability of insurance, and generally limit the ability of affected borrowers to repay debt./11
The insurance industry is already seeing the effects of climate change and acting accordingly. Companies like AIG, Chubb, and Liberty Mutual have begun scaling back their offerings in wildfire-prone areas in
At present, the insurance industry profits from the expansion of fossil fuels while ripping the rug out from under the communities most affected by climate change. Continued investment in the expansion of fossil fuels stands in direct contradiction to the scientific consensus and
Sincerely,
Mondaire Jones, Member of
Mondaire Jones, Member of
Footnotes:
1/
2/ Id.
3/ FACT SHEET: President Biden Sets 2030 Greenhouse Gas Pollution Reduction Target Aimed at Creating GoodPaying Union Jobs and Securing
4/
5/ Time for the Insurance Industry to
6/ Scorecard on Insurance,
7/ Id.
8/ Id.
9/ Our Arctic Refuge (
10/ A call for action: Climate Change as a source of financial risk,
12/ Leslie Schism, Wildfire Risk in California Drives Insurers to Pull Policies for
13/
Management's Discussion and Analysis Introduction
ACNB Corporation Reports 2022 First Quarter Financial Results
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