You can’t drive a car or buy a house without insurance. Likewise, without insurance, energy companies cannot build or operate destructive fossil fuel projects like coal-fired power plants, oil drilling in the Arctic, gas export facilities, or oil pipelines like the East African Crude Oil Pipeline.
The science is clear: fossil fuel projects belong in the past. The International Energy Agency states that there is no room for any fossil fuel expansion in a 1.5°C pathway in order to avoid deadly climate and ecosystem breakdowns.
But insurance companies keep enabling the fossil fuel industry by:
- Providing insurance coverage to build and operate fossil fuel infrastructure.
- Investing hundreds of billions of dollars into coal, oil, and gas companies worldwide.
Insurance companies are key to accelerating the just transition we urgently need.
If coal, oil, and gas companies can’t secure insurance, they won’t be able to build new projects or continue operating dirty infrastructure that drives the climate crisis and harms local communities.
If insurance companies ensure their work respects human rights and increase their support to clean energy, we can secure a just transition aligned with a 1.5°C pathway.