Businesses that care about the climate should care about their insurance
The federal government’s recent climate assessment estimates that the impacts of climate change will wipe out 10 percent of the American economy by the end of the century.
As major customers of commercial insurance, U.S. companies that are serious about climate change can send a signal to the insurance industry by showing support for insurance options that don’t underwrite or invest in fossil fuels.
Businesses with sustainability or carbon emission reduction goals should be re-evaluating who they purchase insurance from. Engaging insurance companies on their fossil fuel financing is a straightforward and logical step in aligning your company’s sustainability and procurement policies beyond just the material supply chain. The insurance market is competitive and many global insurers have begun to move away from fossil fuels, so businesses have some choice in where they purchase their insurance, but can help create demand in the US market. And businesses that are among the first to act have a unique opportunity to highlight their climate leadership to employees, customers, and partners.
Aligning a company’s insurance procurement policies with other sustainability goals makes good business sense and is a real solution from the private sector. Why buy insurance against the risks from climate change from the same insurance companies that are making the problem worse by financing fossil fuels?
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Mary Sweeters, Outreach Manager - firstname.lastname@example.org