Insurers Are Still Backing Oil and Gas Industry Despite Rising Climate Threat
11/09/2023 12:12
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.
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 have restriction policies for oil and gas, a major source of planet-warming emissions, according to data compiled by Insure Our Future. The industry is doing better on coal, where a wider adoption of restrictions has made it much harder to insure new projects, the nonprofit said.