The insurance industry: climate leaders or climate laggards? Launching the 2021 Scorecard on Insurance, Fossil Fuels and Climate Change

On Finance Day at COP26, the Insure Our Future campaign will host an event presenting how the finance industry, specifically insurers, can stop supporting fossil fuels and accelerate the clean energy transition.

Speakers will release the 2021 Fossil Fuel Insurance Scorecard, providing the latest assessment on the shift of the insurance industry away from underwriting and investing in coal, oil and gas. Climate campaigners from around the world will present the leaders and laggards in the global insurance industry, identify areas of progress and inaction, and discuss the climate wrecking fossil fuel projects that insurers are enabling.

The Insure Our Future network is a global coalition of NGOs and social movements advocating for insurance companies to exit coal, oil and gas. Insurance companies are a critical pillar of support for the fossil fuel industry. Without their cover, most new fossil fuel projects cannot be built, and many existing operations will have to be phased out. Thus, the insurance industry has a unique power to drive the transition to a low-carbon economy by limiting cover to projects that are consistent with a pathway to 1.5°C. Yet, despite many commitments to climate action, the insurance industry continues to underwrite the expansion of fossil fuel production and invest in fossil fuel companies.

Speakers at this event will include:
Peter Bosshard, Global Coordinator of Insure Our Future
Joseph Sikulu, Pacific Managing Director, 350.org
Lucie Pinson, Founder and Director, Reclaim Finance