The next frontier of sustainability in business is 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.
Your company can ensure it is taking a holistic approach to sustainability by assessing its insurance carriers and then taking some next steps help align sustainability and procurement policies beyond just the material supply chain. Many global insurers have begun to move away from fossil fuels, so your company may have some choice in greener insurance, but they are almost entirely with European or Australian companies. Companies that purchase insurance are critical to creating 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?
resources to get started:
questions? IDEAS? we want to hear from you.
Mary Sweeters, Outreach Manager - firstname.lastname@example.org