29 °C Singapore, SG
July 22, 2021
Latest News
BlackRock Real Assets to back Korean offshore wind farm project CIP to sell minority stake in Taiwanese offshore wind cluster Nearly 76 Gigawatt-Hours of Battery Cells Produced in U.S.A 2010–2020 Melting tropical glaciers sound an early warning Enhanced cooperation on renewable energy transition between International Renewable Energy Agency and China Decarbonising industry is key to China’s net-zero strategy Carbon Brief’s China weekly digest. Rising seas could cost Asia’s biggest cities US$724 billion by 2030 Electric Vehicle Growth is Accelerating but its Given Rise to a New Social Faux Pas Southeast Asia PR industry launches working group to curb greenwashing Asia Pacific wind and solar spend to hit $1.3trn this decade How the next 5 years can buy us a decade to solve climate change G7 leaders urged to support SAF Uncrewed survey vehicles for offshore wind farm surveys Pathway to global climate catastrophe is clear Mohdi: India’s vision for a biofuels future EGAT to pilot flexibility in Thailand China Briefing, 3 June 2021: New climate ‘leaders group’; ‘Record-breaking’ electricity consumption; ‘Artificial sun’ Wärtsilä commissions first energy storage projects in the Philippines China’s first floating wind turbine ready for installation IEEFA Update: G7 coal finance exit and why it matters for India Accelerating Renewables in Asian Cities: Opportunities for Cleaner Air Iberdrola and Mitsubishi Power partner for renewable technologies Bundestag clears way for more climate protection in transport Analysis: China’s carbon emissions grow at fastest rate for more than a decade Ørsted forms alliance for Japanese offshore wind Hitachi ABB Power Grids selected for Thailand’s largest private microgrid Taiwanese company buys majority stake in ENGIE’s storage and EV arm US ethanol exports rebound on near-record shipments to China The Pacific calls Australia to Fund Our Future – NOT Gas.

Insurance becoming increasingly hard to get for global coal industry

The Guardian:

The number of insurers withdrawing cover for coal projects more than doubled this year and for the first time U.S. companies have taken action, leaving Lloyd’s and Asian insurers as the “last resort” for fossil fuels, according to a new report.

The report, which rates the world’s 35 biggest insurers on their actions on fossil fuels, declares that coal – the biggest single contributor to climate change – “is on the way to becoming uninsurable” as most coal projects cannot be financed, built or operated without insurance.

Ten firms moved to restrict the insurance cover they offer to companies that build or operate coal power plants in 2019, taking the global total to 17, said the Unfriend Coal campaign, which includes 13 environmental groups such as Greenpeace, Client Earth and Urgewald, a German NGO. The report will be launched at an insurance and climate risk conference in London on Monday, as the UN climate summit gets underway in Madrid.

The first insurers to exit coal policies were all European, but since March, two U.S. insurers – Chubb and Axis Capital – and the Australian firms QBE and Suncorp have pledged to stop or restrict insurance for coal projects.

At least 35 insurers with combined assets of $8.9 trillion, equivalent to 37% of the insurance industry’s global assets, have begun pulling out of coal investments. A year ago, 19 insurers holding more than $6tn in assets were divesting from fossil fuels.

Lloyd’s, the world’s biggest insurance market, is the only major European firm which continues to insure new coal projects. Lloyd’s started excluding coal from its investments in its own £4bn central mutual fund in April 2018. However, its chief executive John Neal last month ruled out issuing guidelines on underwriting coal projects to its member syndicates.

More: Coal power becoming ‘uninsurable’ as firms refuse cover

Source

Leave a Reply

Your email address will not be published. Required fields are marked *