Liberty Mutual to stop insuring thermal coal projects

first_img FacebookTwitterLinkedInEmailPrint分享S&P Global Market Intelligence ($):Liberty Mutual Group Inc. will no longer accept underwriting risk for companies that derive more than 25% of their profit from the extraction or production of energy from thermal coal.Liberty Mutual announced Dec. 13 that in addition to an enhanced focus on environmental, social and governance issues, it will not make new investments in debt or equity securities of companies generating more than 25% of their revenues from thermal coal mining or utility companies that obtain more than 25% of their electricity production from thermal coal. Existing coverage and investments exceeding the threshold are to be phased out by 2023.“We understand the shift from coal to clean energy is a journey and we recognize the role the insurance industry plays in supporting that evolution for our customers,” said Francis Hyatt, Liberty Mutual’s first chief sustainability officer, whose appointment the company also announced Dec. 13.Environmental activists are leading campaigns to push the insurance and investment industry away from the coal sector. In a recent report showing the number of insurers pledging to abandon the coal sector doubled in 2019, members of the Unfriend Coal campaign said U.S. insurers were slower to adopt exclusionary coal policies than their European peers.Boston-based Liberty Mutual is among the world’s largest insurers of fossil fuel companies, according to the Insure Our Future Campaign, a movement backed by environmental activists including 350.org, Greenpeace, Rainforest Action Network and the Sierra Club. Campaigners focused on insurance companies in the U.S. specifically targeted Liberty Mutual.Liberty Mutual is the 18th global insurance company to adopt restrictive coal policies, the release added.[Taylor Kuykendall]More ($): Liberty Mutual rolls out new coal exclusions; existing ties to phase out by 2023 Liberty Mutual to stop insuring thermal coal projectslast_img

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