We call on insurance companies to:
- Immediately cease insuring new and expanded coal, oil, and gas projects.*
- Phase out, in line with a credible 1.5ºC pathway, insurance for coal, oil and gas companies.**
- Divest all assets, including assets managed for third parties, from coal, oil, and gas companies that are not aligned with a 1.5ºC pathway.
- Bring stewardship activities, membership of trade associations and public positions as a shareholder and corporate citizen in line with a 1.5ºC pathway in a transparent way.
- Prepare and adopt binding targets for reducing your insured emissions which are transparent, comprehensive and aligned with a credible 1.5ºC pathway.
- Establish, and adopt as policy, robust due diligence and verification mechanisms to ensure clients fully respect and observe all human rights, including a requirement that they obtain and document the Free, Prior, and Informed Consent (FPIC) of impacted Indigenous Peoples as articulated in the UN Declaration on the Rights of Indigenous Peoples.
**New oil and gas expansion projects are defined as those that result in an increase in developed reserves, or infrastructure projects that drive expanded extraction.* Coal companies are defined as those that:
**These thresholds will need to be revised, consistent with the climate imperative to exit coal by 2030 in EU/OECD countries and by 2040 globally. This coal exclusion should not include workers’ compensation and existing mine reclamation surety bonds.
- Generate at least 20% of their revenue from mining and transporting coal at least 20% of their electricity from burning coal
- Produce at least 10 million tons of coal per year, or operate at least 5 GW of coal-fired power stations;
- Are planning new coal mining, power, or other infrastructure projects.