This briefing paper identifies the biggest insurers of the oil and gas industry and what they need to do to align their businesses with the climate goals of the Paris Agreement.
Burning oil and gas accounts for more than 50% of global CO2 emissions. Over the next two decades oil companies and oil and gas producing countries plan to expand production to a level three times higher than what we can afford to limit global warming to 1.5°C.
Insurance companies are a critical pillar of support for the fossil fuel industry. Without their cover, most new oil platforms or pipelines could not be built, and many existing operations would have to be phased out. Insurance companies are supposed to protect us from catastrophic risks. They need to stop insuring fossil fuel projects that will bring about unmanageable climate breakdown.