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Coal power becoming ‘uninsurable’ as firms refuse cover

Coal power becoming ‘uninsurable’ as firms refuse cover

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7 comments

  1. This makes coal operations more financially uncertain and risky and thus less attractive. Slowly we are seeing how the financial industry is pushing for a transition towards sustainability. We see the same with green bonds, ESG aspects being considered in credit ratings or large pension funds and even the ECB considering to phase out oil and coal investments.

    They don’t do this to be the good guys. They do this because they see the regulation approaching on the horizon. And that regulation is coming due to a shift and sentiment and initiatives like Fridays for Future and Extinction Rebellion that are pushing politicians to take sustainability seriously. Next time someone asks why people demonstrate rather than doing something, you know what to say.

  2. In light of other news on climate change this is a positive to my mind. Market starting to price out some damaging practices. Of course, it’s probably too little, too late, but you’ve got to have hope.

  3. Good. Coal is arguably the worst of the fossil fuels.

  4. Air pollution from coal power kills hundreds of thousands. They need to be sued into bankruptcy

  5. Just a reminder, insurance companies(not banks) rule the world. Can’t be a bank without insurance. Can’t open or operate a coal plant without insurance. They are the kings. And fuck those guys cuz now nobody can have diving boards.

  6. This is the best tl;dr I could make, [original](https://www.theguardian.com/environment/2019/dec/02/coal-power-becoming-uninsurable-as-firms-refuse-cover?CMP=Share_AndroidApp_Gmail) reduced by 68%. (I’m a bot)
    *****
    > The report, which rates the world's 35 biggest insurers on their actions on fossil fuels, declares that coal – the biggest single contributor to climate change – "Is on the way to becoming uninsurable" as most coal projects cannot be financed, built or operated without insurance.

    > Ten firms moved to restrict the insurance cover they offer to companies that build or operate coal power plants in 2019, taking the global total to 17, said the Unfriend Coal campaign, which includes 13 environmental groups such as Greenpeace, Client Earth and Urgewald, a German NGO. The report will be launched at an insurance and climate risk conference in London on Monday, as the UN climate summit gets underway in Madrid.

    > The first insurers to exit coal policies were all European, but since March, two US insurers – Chubb and Axis Capital – and the Australian firms QBE and Suncorp have pledged to stop or restrict insurance for coal projects.

    *****
    [**Extended Summary**](http://np.reddit.com/r/autotldr/comments/e4wfwp/coal_power_becoming_uninsurable_as_firms_refuse/) | [FAQ](http://np.reddit.com/r/autotldr/comments/31b9fm/faq_autotldr_bot/ “Version 2.02, ~446485 tl;drs so far.”) | [Feedback](http://np.reddit.com/message/compose?to=%23autotldr “PM’s and comments are monitored, constructive feedback is welcome.”) | *Top* *keywords*: **coal**^#1 **insure**^#2 **insurance**^#3 **Lloyd's**^#4 **projects**^#5

  7. insurance for what? general property & liability? forced outages?

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