Insurers face new minefield in climate activists’ war on oil and gas industry

Already in California, Allstate, one of the U.S.’s largest insurance companies, just joined State Farm in stopping the sale of property and casualty coverage to new customers in the state, saying it’s too costly after literally thousands of natural disasters over the last several years, high costs for housing and general inflation. Allstate also just recently requested a 40% homeowners insurance increase from the California Department of Insurance in April.

When it comes to not insuring liquid natural gas terminals, industry officials defend natural gas for driving down greenhouse gas emissions as a cleaner fuel. And the Biden White House pushed LNG exports after Russia invaded Ukraine, seeking to help Europe get itself off of Russian energy. The tanker Sun Arrows loads its cargo of liquefied natural gas from the Sakhalin-2 project in the port of Prigorodnoye, Russia, on Oct. 29, 2021.

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More companies setting 'net-zero' climate targets, but few have credible plans, report saysA growing number of companies are pledging to cut their greenhouse gas emissions to “net zero” to curb climate change, but a report says the goal is rarely supported by a credible plan. According to the report published Monday, the number of publicly listed corporations aiming for net zero increased from 417 to 929 since late 2020. Researchers say they found that less than 5% of the companies they examined met basic credibility criteria. They say companies often fail to include the emissions caused by their products in their emission tallies. The idea behind net zero is to stop adding planet-warming gas to the atmosphere, either by preventing emissions in the first place or removing an equivalent amount.
Source: AP - 🏆 728. / 51 Read more »

Fossil Fuel Companies' Net-Zero Plans Are 'Largely Meaningless,' Report FindsExisting pledges tend to ignore emissions caused by the distribution and consumption of petroleum products, and not a single fossil fuel company has committed to ending oil and gas production by 2050.
Source: commondreams - 🏆 530. / 51 Read more »