High European corporations underwriting 30% of US coal regardless of internet zero commitments

A latest report by Insure Our Future reveals that main European insurers are supporting practically one-third of US coal manufacturing regardless of their commitments to realize net-zero emissions.

The report highlights insurers like Lloyd’s of London, Zurich, and Swiss Re among the many prime ten underwriters for 25 main US mines, contributing to over 60% of the nation’s coal manufacturing in 2022. These insurers underwrite 13 mines, constituting 30.7% of nationwide output.

The insurers overlaying essentially the most coal manufacturing are as follows:

Coal is a major contributor to CO2 emissions, and the US stands because the fourth-largest coal producer globally, mining 595 million brief tons in 2022 alone. Regardless of mounting international stress and focused campaigns, Insure Our Future stated that main insurers are exploiting loopholes or disregarding their very own insurance policies to proceed underwriting coal mines.

AIG emerges as the most important underwriter of US coal, insuring seven mines accounting for 28.1% of the nationwide output. Lloyd’s of London follows, underwriting 10 mines, constituting 22.8% of the output. Whereas Lloyd’s goals to guide the market in direction of a net-zero underwriting place, it doesn’t mandate or limit the underwriting insurance policies of its market members.

The report additionally highlights the necessity for insurers to commit firmly to stop insuring all coal mining in OECD international locations by 2030 and cut back their protection of coal by 50% by 2025, aligning with the actions taken by different main insurers primarily based on local weather science.

The report underscores the urgency to handle coal emissions, emphasizing that emissions from coal combustion have to fall drastically by 2025, 2030, and 2050 to remain inside a 1.5°C international warming restrict. Nevertheless, international coal manufacturing reached an all-time excessive in 2022.

Moreover, most of the insurers talked about additionally present householders and small enterprise protection. Nevertheless, insurers are more and more withdrawing from climate-affected areas or elevating premiums because of the concern of great monetary losses from climate-related pure disasters, leaving house and enterprise house owners extremely weak.

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