Today begins the Insure Our Future 2024 Global Week of Action. Organizers all over the world are taking action to hold the insurance industry accountable for its role in financing the climate crisis. There are over 67 actions happening on the global actions map, in 27 different countries.
Our main focus today is the insurance industry’s role in backing liquefied methane gas (LNG), demanding they end their financial support.
With the Biden Administration recently putting a stop to the rubber stamping of new LNG export projects, it’s time for the insurance sector to do the same.
Join us and take action in one of two ways (or take both!):
Without the backing of financial institutions, LNG expansion would be impossible. The top 60 banks have provided $122 billion in loans and bond underwriting to LNG projects and companies involved in the sector since 2016. Fossil fuel insurance earned the industry around $21.25 billion in 2022.
Since 2017, annual insured losses from natural catastrophes such as floods, hurricanes, wildfires and droughts have averaged over $110 billion, more than twice the average of the previous five years. In response to the increasing frequency and severity of climate disasters, the insurance industry is withdrawing from insuring homes that are climate risks – but in many cases not from insuring fossil fuel expansion.
Our demands for insurance companies are simple: Stop insuring fossil fuels, respect human rights, and support a just transition. By making changes to their current policies, insurance companies can play an active role in the just transition by increasing support for renewable projects, by and for communities most impacted by climate change.
The message is clear: there is no place for LNG expansion in a net-zero future.
In solidarity,
– the Stop the Money Pipeline team
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