Insurance giant Munich Re is using a dodgy loophole to
back some of the world’s dirtiest coal projects -- like the
mammoth Bełchatów plant in Poland, Europe’s biggest carbon
polluter!
Instead of underwriting coal mines and power stations directly,
it insures other companies doing it — allowing it to keep
its hands clean, while still profiting from dirty fossil
fuels.
But now the world’s No.1 reinsurer, SwissRe, has promised to stop
this practice, and pressure is mounting on Munich
Re -- the second biggest -- to follow suit.
Its annual shareholder meeting is in just 5
days. If enough of us sign we can shine a light on its
double dealings -- and embarrass the company into action.
Tell
Munich Re: say no to coal, stop insuring disaster
Munich Re promised three years ago to step back from coal. But
today it’s still insuring companies like PZU, which insures most
Polish coal mines and plants -- including Europe’s biggest CO2
emitter. This is greenwashing in the extreme.
The coal industry is the single biggest cause of climate
change and kills hundreds of thousands of people a year --
and without insurance it can’t survive.
Insurance firms
are turning against fossil fuels, but progress is still too slow --
if even a fraction of the world’s planned coal mines get built it
could blow our chances of meeting global climate targets.
This moment could be a turning point -- If Munich Re
joins Swiss Re in clamping down on coal, the rest are sure to
follow. But they won’t move unless we push hard -- will you
help?
Yes,
I’ll tell Munich Re to stop insuring disaster
Taking on the world’s insurance giants is daunting, but no
mistake our pressure is working. Slowly but surely big insurers are
dropping coal -- and that’s all down to action from people like you.
Now it’s time to ramp up our efforts, and finish the job.