German Ngo and Client Earth

coal: 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, according to The Guardian. 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. 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. At least 35 insurers with combined assets of 8.9tn, equivalent to 37% of the insurance industry's global assets, have begun pulling out of coal investments. Peter Bosshard, one of the Unfriend Coal campaign co-ordinators, said We hope within two to three years it will be so difficult to obtain insurance that most coal projects won't be able to go forward. A year ago, 19 insurers holding more than 6tn in assets were divesting from fossil fuels. (news.financializer.com). As reported in the news.