Insurance companies have a responsibility to immediately stop insuring fossil fuel expansion. Except for a few laggards, most insurers have stopped insuring new coal projects under pressure from the Insure Our Future campaign. However, contradicting their own climate commitments, most insurers continue to underwrite the expansion of the oil and gas industry.
Our best insurance is to keep fossil fuels in the ground
Number of companies with fossil fuel exclusion policies, by sector
Insurers, as society’s risk managers, should take responsibility to actively support global action to avoid climate breakdown, and drive the transition to a low-carbon economy. Without insurance most new fossil fuel projects cannot go ahead and existing ones must close.
Click here to view a detailed document on insurance company fossil fuel underwriting policies
Oil & Gas: 18
18 companies have committed to end or restrict underwriting for new oil and gas projects
Coal: 45
45 companies have committed to end or restrict underwriting for coal projects
Tar Sands: 26
26 companies have committed to end or restrict underwriting for tar sands projects
Insurers need to stop supporting fossil fuel expansion
Insure Our Future calls on all insurers to immediately stop insuring new fossil fuel projects, and to phase out existing coal, oil and gas insurance in line with a 1.5°C pathway.
Prominent voices from the public and private sector agree:
We have 7 demands to the insurance industry:
1
Immediately cease insuring new and expanded coal, oil, and gas projects.
2
Immediately stop insuring any new customers from the fossil fuel sector which have not published a transition plan aligned with a credible 1.5°C pathway, and stop offering any insurance services which support the expansion of coal, oil and gas production even among existing customers. By the end of 2025, completely phase out all insurance services for existing fossil fuel company customers which have not published such a transition plan.
3
Immediately divest all assets, including assets managed for third parties, from coal, oil, and gas companies which have not published a transition plan aligned with a credible 1.5°C scale up investments in a just, equitable, and rapid global transition to a clean energy economy.
