Coal power is becoming ‘uninsurable’ as major insurance firms refuse coverage | The Optimist Daily
Today’s Solutions: July 16, 2024

It was a historic year in the fight against coal power as ten major insurance firms moved to restrict the insurance coverage they offer to companies that build or operate coal power plants, taking the global total to 17. 2019 saw the number of insurers refusing coverage for coal projects more than double, and saw American companies take action for the first time.

According to a new report from the Unfriend Coal campaign, which includes environmental groups such as Greenpeace and Urgewald, coal is “on the way to becoming uninsurable” as most coal projects cannot be financed, built or operated without insurance.

With most major insurance companies refusing insurance to coal projects, Lloyd’s of London and insurers from Asia are now the “last resort” for a “dying and destructive industry.”

Solutions News Source Print this article
More of Today's Solutions

Colombia’s battle against deforestation achieves remarkable results

BY THE OPTIMIST DAILY EDITORIAL TEAM Colombia's deforestation rate dropped to its lowest level in 23 years, marking a significant milestone in the country's ...

Read More

US track star Allyson Felix opens the first-ever nursery for Olympic parents

BY THE OPTIMIST DAILY EDITORIAL TEAM The upcoming 2024 Olympic Games in Paris are expected to make history, not just by achieving gender parity, ...

Read More

Sweden to introduce off-grid communities that fully sustain themselves

To ensure that communities around the world become future-proof and resilient in the face of climate change, it’s essential to create development models that ...

Read More

‘Million-mile’ EV batteries are near. The impact could be massive.

Electric vehicles (EVs) have a clear environmental advantage over their gas-guzzling counterparts, but when it comes to longevity, the two are in dead heat. ...

Read More