New York Can and Must Stop Insurance Companies from Fueling the Climate Crisis

Gov. Hochul (photo: office of governor Kathy Hochul) We are often told that insurance companies are “like a good neighbor” or “on our side.” And for many things in life this is true. But when it comes to climate change—the single greatest threat to global health and security—insurance companies could be making things much more dangerous for all of us. Why? Because as long as insurers continue to underwrite and invest in fossil fuel companies, the companies will continue to pump emissions into our atmosphere. And the hard truth is that if the global community is going to limit catastrophic damage from climate change, only a fraction of the current fossil fuels reserves buried in the Earth can be burned. The United Nations, in releasing its most recent report by the Intergovernmental Panel on Climate Change, warns that “rapid, deep cuts in greenhouse gas emissions” are needed to safeguard our planet.  The good news is that there is movement in the State Legislature to require the largest insurance firms operating in New York to align their portfolios and investments with the state’s ambitious goal of slashing greenhouse gas emissions under the Climate Leadership and Community Protection Act. That 2019 law,…
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