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Insurance Companies’ Fossil Fuel Investments a ‘Potential $459 Billion Liability’

Insurance Companies’ Fossil Fuel Investments a ‘Potential $459 Billion Liability’

The insurance industry’s massive investments in fossil fuel companies — to the tune of $459 billion — represents a risky bet as demand for coal, oil and gas drops and renewable energy gains momentum, according to a Ceres report released yesterday. Insurance groups Ameriprise (12.4 percent), Lincoln National (11.8 percent) … Read more »

PNC Bank

PNC Investors Support Climate Change Risk Management

Some 22.8 percent of PNC Financial shareholders representing more than $5.4 billion dollars have voted in support of a resolution asking the company to assess its exposure to climate change in its lending, investing and financing activities. This is the first time that shareholders have been able to vote on … Read more »

Seattle Pushes Fossil Fuel Divestment

The city of Seattle will not invest its cash balances in fossil fuel companies and is taking additional steps to divest employee-deferred compensation funds and pressure its pension fund system to pull money from Chevron and ExxonMobil, two of the system’s top 10 investments. The pension system currently has $17.6 … Read more »

US Investors ‘Lag at Managing Climate Risk’

US Investors ‘Lag at Managing Climate Risk’

The Asset Owners Disclosure Project (AODP) has published what it calls the first-ever global climate investment index showing how the world’s biggest investors, including pension funds, are managing climate risk, and no US firms rank in the top 10 (see chart). New York State Common Retirement Fund is the leading … Read more »