Global Insurers Worth $1.2T Demand an End to Fossil Subsidies
Three global insurance companies with combined assets of US$1.2 trillion are calling on the G20 to phase out fossil fuel subsidies by 2020.
“Given the urgency of the climate change crisis, underscored by the Paris Agreement reached in December of 2015, the next steps on this commitment are long overdue,” insurers Aviva, Aegon, and Amlin said in a statement.
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“We’re calling on governments to kick away these carbon crutches, reveal the true impact to society of fossil fuels, and take into account the price we will pay in the future for relying on them,” said Aviva CEO Mark Wilson. “Climate change in particular represents the mother of all risks—to business, and to society as a whole.”
“These subsidies fuel dangerous climate change,” said Shelagh Whitley, research fellow at the Overseas Development Institute (ODI), which places annual fossil subsidies at $444 billion. “The finance sector recognizes the importance of moving away from fossil fuels, and governments need to realize they may be the only ones left not moving.”