More insurers pulling out of coal industry as climate risks grow

Police officers stand guard near the Jaenschwalde power plant in eastern Germany, on Nov 30, 2019.
Police officers stand guard near the Jaenschwalde power plant in eastern Germany, on Nov 30, 2019.PHOTO: AFP

Major insurance firms are increasingly turning their backs on highly polluting coal projects and companies, an analysis of company pledges has found. This comes as the industry steps up efforts to cut greenhouse gas emissions blamed for heating up the planet.

The analysis found that the number of insurers withdrawing cover for coal more than doubled this year to 17, up from seven last year, but that the sector has a long way to go.

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A version of this article appeared in the print edition of The Straits Times on December 03, 2019, with the headline 'More insurers pulling out of coal industry as climate risks grow'. Print Edition | Subscribe