A group of climate activists has called on 30 insurance company CEOs to ‘immediately’ stop underwriting new fossil fuel projects in the wake of a stark climate warning from U.N. scientists, a letter seen by Reuters showed
The six-page letter, signed by 23 climate groups, including non-governmental organisations , said the insurance industry had failed to do enough to meet the world's climate goal of limiting global warming to 1.5 degrees Celsius.
"Insurers, as society's risk managers, have a special responsibility to act and the power to drive change: without insurance most new fossil fuel projects cannot go ahead and existing ones cannot continue to operate," it read.from U.N. Secretary General Antonio Guterres, who said the "climate time bomb is ticking" and urged rich countries to cut emissions sooner after a new assessment from scientists said there was little time to lose in tackling climate change.
Peter Bosshard, one of the letter's authors with The Sunrise Project, said in an interview that climate-related resolutions were already on the agenda at the U.S. insurers, and more could follow.are among companies facing climate-focused shareholder resolutions at upcoming annual general meetings. Neither Munich Re nor Zurich Insurance responded specifically to questions about the letter but both said they were in regular contact with NGOs.
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