Activists from the Unfriend Coal campaign, which is part And Greenpiece, instigated insurance companies to leave the support for projects based on the use of coal.
The demonstration is part of the annual meeting of the General Assembly of the «Association of Geneva», which is being developed in Buenos Aires, where the CEOs of the 78 main insurers of the globe meet.
Coal is the most polluting of fossil fuels. According to a report by the United Nations Intergovernmental Panel on Climate Change, the most important change that should be pushed to avoid an environmental catastrophe for the next few years would be to reduce the use of coal. The use of fossil fuel as a source of electricity should be reduced from 40% to an amount that fluctuate between 1% to 7% for 2050.
«In countries like ours, coal still exists primarily in the poor regulations and the lack of regulation that forces it to take charge of its impacts on health and the environment. It is still held as a business for those subsidies. Cutting that absurd and irresponsible protection to the industry responsible for the planet is in crisis is the act that will mark how history remembers the response of the business world in this era, «said Greenpiece National director Matias Asun.
«All this is especially relevant, continued Asun-in Chile, host country of the next COP25, an ideal scenario for the government to announce the closure of Thermoelectrics and the end of coal.»
Insurance companies such as Liberty Mutual, AIG, Chubb, Sompo, and Tokyo Marine have been tough to take action against coal-based projects.
On the other hand, there are only four companies (Allianz, AXA, QBE and Swiss Re) that have promoted strict policies to substantially limit the support to those projects.
«It is unacceptable for insurers to continue propping up coal projects while rates are rising and the coverage of climate-affected communities is being removed,» said the European coordinator of the Unfriend Coal campaign, Lucie Pinson.