Yesterday, during Chubb Insurance’s annual general meeting, climate action was at the top of the agenda. Despite Chubb’s best efforts to keep them off the ballot, the insurance giant faced two shareholder resolutions on its climate policies.
More than 50% of investors approved a proposal calling on the company to report on how it is reducing emissions in line with the Paris Agreement. However, shareholders stopped short of approving a more critical resolution that urged Chubb to adopt a policy ruling out insurance for destructive fossil fuel expansion.
Outside the annual meeting, our partners showed up at Chubb’s headquarters dressed up as CEO Evan Greenberg and greeted executives with street theater. Why? Simple. If you are the CEO of a company that is destroying the planet, we’re going to make sure everyone knows your name and face.
After the meeting, Chubb issued a press release in which it detailed the climate policies it already has in place. But it failed to mention its massive oil and gas insurance division that is supporting fossil expansion, so we’re setting the record straight:
Chubb is a top insurer of offshore oil and gas drilling in Brazil, which has plans to expand oil production by up to 70% over the next decade.
Chubb has insured seismic testing to identify oil and gas reserves on the coastal plain of the Arctic Refuge. Chubb has refused requests from the Gwich’in Steering Committee to meet and discuss the company’s policies on Arctic energy insurance and Indigenous rights.
Chubb has been linked to huge oil pipelines, including the Dakota Access Pipeline and the Trans Mountain tar sands network. It has not ruled out support for the disastrous East Africa Crude Oil Pipeline (EACOP).
Yesterday, you helped flood their phone lines. Today, we’re jamming up their email inboxes. And we’re not stopping until Chubb stops insuring new fossil fuel projects and the companies behind them.
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