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Local politics, the county, and the world, as viewed by Tammy Maygra Tammy’s views are her own, and do not necessarily reflect the views of Bill Eagle, his pastor, Tammy’s neighbors, Wayne Mayo, Betsy Johnson, Joe Corsiglia, President Trump, Henry Heimuller, VP Pence, Pat Robertson, Debi Corsiglia’s dog, or Claudia Eagle’s Cats. This Tammy’s Take (with the exception of this disclaimer) is not paid for or written by, or even reviewed by anyone but Tammy and she refuses to be bullied by anyone. See Standard Disclaimer.
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Away from Fossil Fuels
The move by the insurance company Axis Capital to restrict insurance coverage for tar sands and coal companies may set a precedent for other insurance companies to do the same, leading to acceleration in the transition to a low-carbon economy. This is a first time a U.S. insurer will restrict insurance for both coal and tar sands projects and companies. With Axis Capital doing this shows that some corporation leaders understand the importance to restrict emissions in order to roll back climate change. Without insurance, destructive energy projects cannot be built, and AXIS joins a growing movement of insurers taking action to keep fossil fuels in the ground. The ball is in the courts of other insurance companies like Liberty Mutual and AIG’s to take responsibility for their role in the climate crisis. AXIS Capital is an insurer and reinsurer that is active in the energy sector. It is registered in Bermuda but the majority of employees, including senior management, and business operations are in the U.S. AXIS’s new policy will not provide insurance or re-new reinsurance for new thermal coal or tar sands extraction and pipeline projects and their dedicated infrastructure. It will also end coverage for companies generating at least 30% of their revenues from thermal coal mining, producing at least 30% of their power from coal, or holding more than 20% of their reserves in tar sands. As good as the new policy sounds there is some bad news regarding the new policy, the policy includes exemptions for countries where sufficient access to alternative energy sources is not available over the next five years. This would likely allow AXIS to cover the majority of the 800+ coal-fired power plants currently proposed globally, efficiently stalling action until 2025. With the following statement AXIS Capital knows that insuring the Trans Mountain tar sands pipeline expansion is the essence of risk: for Indigenous land rights, our water, and the climate. First Nations have led opposition to the tar sands across North America, fighting project after project that have not obtained the Free, Prior, and Informed Consent of impacted First Nations. Other insurers should take note, as the companies that continue to cover tar sands will be targets for our movement,” said Kukpi7 Judy Wilson, Secretary-Treasurer of the Union of British Columbia Indian Chiefs and Chief of the Neskonlith Indian Band. Because our elected officials, corporate leaders and other powerful people who are supposed to be the wise adults have failed in taking the necessary steps to stop the climate change crisis we now depend on our youth to address the issue. Young people are rising up around the globe, calling on governments and corporations to tackle the climate emergency. We are at a point of paramount urgency. While AXIS’ policy is a good step, it must abolish the geographic loophole in its policy and stop insuring new coal projects everywhere today, especially in Southeast Asia where there are hundreds of proposed power plants. We call on insurers around the globe to step up and improve upon AXIS’ policy. All humans must make some sacrifices in order to correct, heal the climate. Because of the public outcry and the political pressures being put on the insurance companies the shift away from coal and tar sands is accelerating, hopefully these action are not too late, I believe it is never too late to rectify any issue for the better. Banking on Climate Change 2019 report, since the Paris Agreement, JPMorgan Chase has provided $196 billion in finance for fossil fuels. Chase is the world’s worst funder of fossil fuels and the world’s worst funder of fossil fuel expansion –– by a large margin. The $196 billion it poured into fossil fuels between 2016-2018 is nearly a third (29%) higher than the second worst bank, Wells Fargo. Additionally, Chase is one of several banks currently lending to three different active Enbridge pipeline-related loans, totaling approx. $5.4 billion. Because of Chases involvement in the fossil fuel industry, there were demonstrations made against the company on Sept. 25 2019-Activists and students from the University of Minnesota staged a rally and die-in at the lobby of the newest Chase branch in Minneapolis. The action follows a blitz of demonstrations across the country this month targeting Chase Bank; from Chicago, to New York, to an action that happened simultaneously in San Francisco on this same date. With the worldwide outcry against fossil fuels and their emissions, it is long past due that those who willingly enable these companies to continue to mine, drill, and frack turn their investment monies from fossil fuels to clean, energy. They will find that they will make even more profits and the earth will benefit as well.
Tammy
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