fossil fuel divestment News

Major UK Asset Manager Divests from Insurer AIG over Climate Policies

Legal & General Investment Management will sell holdings in four companies including U.S insurer American International Group Inc. after deeming they’re making insufficient progress on addressing climate change risks. The UK asset manager said in a statement on Tuesday it …

Argo Group to Stop Insuring Canada’s Trans Mountain Pipeline, Joining Other Carriers

Lloyd’s insurer Argo Group has decided to stop insuring Canada’s Trans Mountain tar sands pipeline when its current insurance policy expires on Aug. 31, 2021, following similar moves by other companies such as Zurich Insurance, Talanx and Munich Re. “This …

Swiss Re Announces Net-Zero Climate Targets in Underwriting, Investments

Swiss Re announced new measures to support the transition to a net-zero economy by 2050, which encompass re/insurance underwriting, asset management and its own operations. “Climate change remains the biggest challenge we face as a society. The stakes are high …

150 Years of Spills: Philadelphia Refinery Cleanup Reveals Toxic Legacy of Fossil Fuels

Wearing blue hard hats, white hazmat suits and respirator masks, workers carted away bags of debris on a recent morning from a sprawling and now-defunct oil refinery once operated by Philadelphia Energy Solutions (PES). Other laborers ripped asbestos from the …

Climate Models Are Not Designed for Use by Financial Markets, Scientists Warn

Misuse of climate models could pose a growing risk to financial markets by giving investors a false sense of certainty over how the physical impacts of climate change will play out, according to the authors of a paper published on …

Aviva Investors Weighs Ditching Holdings in Biggest Carbon Emitters for Climate Inaction

LONDON – Aviva Investors said on Monday it could ditch its stock and bond holdings in 30 of the world’s biggest corporate emitters of carbon if their boards failed to take sufficient action over climate change. The move comes as …

Top Investor Group Including Allianz Warns Firms to Cut Ties to Coal

Some of the world’s largest insurers and pension schemes are warning companies they invest in not to finance, insure, build, develop or plan new thermal coal plants or face sanctions, including possible divestment. The Net-Zero Asset Owner Alliance, whose members …

$5 Trillion Investor Group Aims to Align Portfolios with Paris Climate Agreement

Thirty of the world’s largest investors managing a combined $5 trillion said on Tuesday they plan to set targets to lower their portfolio carbon emissions by as much as 29% over the next five years. All members of the Net-Zero …

Businesses Urge U.S. Insurers to Stop Insuring, Investing in Fossil Fuel Producers

A group of about 60 American businesses on Thursday urged their insurers to stop providing coverage to and investing in fossil fuel producers. In a letter, companies including outdoor-gear producer Patagonia and ice-cream maker Ben & Jerry’s, a unit of …

How One County Plans to Vet Insurers for Fossil Fuel Investments

“We have front row seats,” said Elise Jones, a Boulder County commissioner. Jones along with two other commissioners oversees government affairs in the Colorado county of 330,000 or so at the base of the foothills of the Rocky Mountains. Her …