ING has become the first systemically important global bank to have its climate goals validated as being in line with efforts to limit global warming to 1.5 degrees Celsius, the body responsible for awarding the standard said on Wednesday. The …
Top insurance companies suffered $10.6 billion of climate-attributed losses this year, just shy of the $11.3 billion of direct premiums they underwrote for commercial fossil-fuel clients in 2023, according to Insure Our Future. Of the 28 insurers reviewed, more than …
Canada’s top property and casualty insurers have invested more than C$19.5 billion ($14.30 billion) in fossil fuels production at a time when climate change is driving up risks for the industry, according to a report by a shareholder advocacy group. …
Some of the world’s major economies want to finalize a plan ahead of this year’s U.N. climate summit to halt new private sector funding for coal projects, five sources with direct knowledge of the matter told Reuters. If approved, the …
Zurich Insurance Group AG will no longer underwrite new oil and gas projects, and is cracking down on clients planning to expand in metallurgical coal mining. The restrictions also entail asking the highest-emitting corporate customers to reduce their carbon footprints, …
Representatives from nearly 200 countries agreed at the COP28 climate summit on Wednesday to begin reducing global consumption of fossil fuels to avert the worst of climate change, a first of its kind deal signaling the eventual end of the …
France, backed by the United States, plans to seek a halt to private financing for coal-based power plants during the U.N. climate conference later this month, three sources familiar with the deliberations told Reuters in India and Europe. The plan, …
Insurers are continuing to provide cover for increased oil and gas production even as they face large losses fueled by climate change, according to a new report. About 80% of the insurance market and 53% of the reinsurance market don’t …
Some of Europe’s biggest insurers are underwriting close to a third of the coal production that takes place in the US, even after pledging to target net zero emissions, according to a report by climate campaign group Insure Our Future. …
New York City pension funds filed a motion to dismiss a lawsuit filed in May that alleged the plans breached their fiduciary duties by selling billions of dollars of fossil fuel assets. The lawsuit was filed by plaintiffs including Americans …
