… insurance companies have become some of the biggest financiers of fossil fuels, which are the primary cause of climate change — the extraction and burning of oil, gas and coal are responsible for over 75% of greenhouse gas emissions and nearly 90% of carbon dioxide emissions.
Fossil fuel companies made up 4.4% of the investment portfolio of the insurance industry in 2023, up from 3.8% nine years earlier. Two insurance giants, Berkshire Hathaway and State Farm, increased their fossil fuel positions by around $200 billion in that period. Overall, however, more than half of the country’s 238 property and casualty insurers recently surveyed by the Wall Street Journal have reduced their investments in oil, gas and coal over the past decade. But while insurers around the world have restricted their coverage of fossil fuel projects, U.S. companies continue to write policies for conventional oil and gas projects.
Jaak