What will 2020 bring for coal insurance?
The insurance industry’s shift away from coal, the biggest source of CO2 emissions, is accelerating. When we launched our 2019 coal insurance scorecard in early December, we were excited to see that since April 2017, 17 insurers had withdrawn from the coal sector. What used to be a European phenomenon had also ignited action among […]
Our in-depth analysis of BlackRock’s climate announcement
Today, after more than a year of increasing pressure from climate activists, investors, legislators, and thought leaders, BlackRock CEO Larry Fink, in his highly-anticipated annual letter to CEOs and to clients, announced a sweeping new set of policies which aim to put climate change and sustainability at the centre of BlackRock’s business model. BlackRock is […]
Insurers withdrawing cover from coal projects double in 2019
46% of reinsurance market and 37% of industry’s global assets covered by coal exit policies. The number of insurers withdrawing cover for coal has more than doubled in 2019 as the industry’s retreat from the sector accelerates and spreads beyond Europe, the Unfriend Coal campaign reveals today in its third annual scorecard on insurance, coal […]
New campaign launches to move Australia beyond coal
Currently, Australia’s coal-based electricity grid is one of the most polluting in the OECD, and environment groups – representing more than a million Australians – are calling for a plan to make a fast and fair shift to renewable energy. As the nation’s political leaders prepare to meet at COAG Energy Council meeting for the […]
The Bank of England Has a Coal Problem
Calls for the financial system to wake up to the looming threat of climate change are growing louder by the day. Those calls have been coming most clearly from the Bank of England under Governor Mark Carney, who last week warned the treasury committee of global finance’s role in driving the climate crisis. The problem is […]
Unfriend Coal: The All Blacks and AIG’s moment of truth in the Adani project
From Unfriend Coal’s Blog The All Blacks are the world’s most successful rugby team and a symbol of New Zealand’s national pride. They are also the favourite with the bookies to win this year’s Rugby World Cup, which starts in Japan later this week. The All Blacks invited controversy in 2012 when they allowed US […]
Coal projects face higher investor hurdles as climate risks mount
The growing risks associated with financing new coal projects have driven European and American institutional investors to seek returns up to 4 times greater than those for other sources of energy, according to a survey by the Oxford Institute for Energy Studies. Why it matters: The cost of capital is a key determinant of whether new coal plants […]
Renewables are pulling ahead in formerly coal-heavy U.S states
Thanks to the declining costs of wind and solar energy, Idaho, Colorado, New Mexico and other states have made plans to retire old coal plants early — paving the way for deeper penetration of clean energy. The big picture: At least 36 gigawatts (GW) of the country’s 260 GW of existing coal generation are forecast to closeby […]
Asian banks are backing away from new coal plants
In the first four months of 2019, four major financial institutions headquartered in Asia have announced restrictions on the financing of new coal plants — a noteworthy shift within the region. Why it matters: Until recently, such restrictions came largely from Western financial institutions. But the majority of planned new coal plants are being built in just […]
The smart money is jumping the coal ship
We have only 12 years left to save the planet from devastating climate change, the Intergovernmental Panel on Climate Change warned last October. With governments from Australia to the US missing in action, financial institutions have now emerged as unlikely allies of climate activists. In recent months banks and other financiers have pulled out of […]
Europe’s 3rd largest insurance company turns away from coal
Generali’s recent announcement about its improved coal exclusion policy puts an end to insuring new coal plants and mines while turning away new coal clients with more than 30% of their energy production or revenues coming from coal. Generali follows Allianz, AXA and Zurich which all have announced restrictions on insuring coal. Now, Europe’s four […]
Polling shows Australians are streets ahead of their politicians on climate change
Last March, then Treasurer Scott Morrison brandished a lump of coal in Parliament (a gift from the coal lobby group the Minerals Council of Australia) shouting, “this is coal; don’t be afraid, don’t be scared, it won’t hurt you.” The trouble for our new Prime Minister is that cheap stunts like that on behalf of […]
World’s largest reinsurance company stops insuring coal projects
With a new policy to stop insuring coal projects and companies, Swiss Re just issued a strong warning sign that the insurance industry doesn’t see a future for the coal sector. After AXA, Allianz, SCOR and Zurich, Swiss Re is the fifth large insurance company to stop or limit coverage for coal projects. As major […]
Making history to push Australia beyond coal and gas
The 2018 Beyond Coal and Gas Jamboree (BCAGJ) brought together more than 340 people from a communities across Australia who are committed to build a movement that will move Australia beyond polluting fossil fuels into a future that puts people and the planet first, powered by clean energy.
Media Release: 2018 National Conference – Beyond Coal & Gas – The Transition is Now!
The Beyond Coal and Gas conference brings together over 350 people from grassroots communities across Australia and internationally, leading campaigns for the coal, gas and energy movements. These campaigners are fighting to protect their land, water and future, working from NSW’s Hunter Valley to SA’s Port Augusta, Qld’s Darling Downs to the NT’s Beetaloo Gas Basin. A key focus of the conference is the campaign to stop the controversial Adani coal mine.
World’s biggest insurer Allianz moves away from coal
Campaigners welcome decision, ask industry laggards to ditch coal as well Allianz, the world’s biggest insurance company by assets, announced today that it will no longer provide stand-alone insurance coverage for coal power plants or coal mines. The German insurer also announced that it will ban all companies planning to build more than 500 MW […]
The campaign to stop Adani building Australia’s biggest coal mine in history
Global warming is here. Droughts, rising tides, supercharged storms, floods and bushfires threaten Australian families and their homes. Half of the Great Barrier Reef is dead. And this is just the beginning. In the face of all this, industry has failed to change tack and our governments have failed to show leadership. Every single day […]
The Queensland community stops Adani’s $1 billion loan
With the Queensland Premier being pushed to veto Adani’s $1 billion loan, one thing is for certain: this would not have happened without the incredible, unrelenting and passionate work of thousands of community members in Queensland who met with their local MPs, showed up outside their offices, formed human signs and made it clear to […]
Report: Leading insurance companies divest $20B from coal and end underwriting
Our new scorecard was released today, finding that most insurers are still failing to take action on coal to prevent dangerous climate change. Leading insurance companies have pulled $20 billion out of investments in coal and a growing number are refusing to underwrite new coal projects, reveals a new scorecard on the industry from the Unfriend Coal […]
New campaign launched to pressure insurance industry to unfriend coal
You can’t drive a car or buy a house without insurance. Likewise, the coal industry can’t get their mines and power plants funded without insurance coverage.