Planet-killing loophole
- Details
- Published on Friday, 23 April 2021 18:04
- Written by editor
Insurance giant Munich Re is using a dodgy loophole to back planet-destroying coal projects -- but it’s under growing pressure to stop.
Its annual shareholder meeting is in just 5 days -- tell Munich Re to stop insuring disaster.
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Insurance giant Munich Re is using a dodgy loophole to back some of the world’s dirtiest coal projects -- like the mammoth Bełchatów plant in Poland, Europe’s biggest carbon polluter!
Instead of underwriting coal mines and power stations directly, it insures other companies doing it — allowing it to keep its hands clean, while still profiting from dirty fossil fuels.
But now the world’s No.1 reinsurer, SwissRe, has promised to stop this practice, and pressure is mounting on Munich Re -- the second biggest -- to follow suit.
Its annual shareholder meeting is in just 5 days. If enough of us sign we can shine a light on its double dealings -- and embarrass the company into action.
Tell Munich Re: say no to coal, stop insuring disaster
Munich Re promised three years ago to step back from coal. But today it’s still insuring companies like PZU, which insures most Polish coal mines and plants -- including Europe’s biggest CO2 emitter. This is greenwashing in the extreme.
The coal industry is the single biggest cause of climate change and kills hundreds of thousands of people a year -- and without insurance it can’t survive.
Insurance firms are turning against fossil fuels, but progress is still too slow -- if even a fraction of the world’s planned coal mines get built it could blow our chances of meeting global climate targets.
This moment could be a turning point -- If Munich Re joins Swiss Re in clamping down on coal, the rest are sure to follow. But they won’t move unless we push hard -- will you help?
Yes, I’ll tell Munich Re to stop insuring disaster
Taking on the world’s insurance giants is daunting, but no mistake our pressure is working. Slowly but surely big insurers are dropping coal -- and that’s all down to action from people like you. Now it’s time to ramp up our efforts, and finish the job.
Thanks for all that you do,
Olivia, Flora, Eoin and the team at SumOfUs
More information:
Swiss Re to phase out reinsuring coal by 2040 Reuters, March 16, 2021
SWISS RE FIRST INSURER TO COMPLETELY PHASE OUT COAL FROM TREATY REINSURANCE Insure Our Future, March 16, 2021
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