A number of insurance companies have withdrawn their investment worth US$20 bn from the coal industry. In addition to that, the many of them are in consideration of ending underwriting of new projects of coal, as mentioned by the Unfriend Coal campaign.
Collective Action Coal Sector
An initiative of 13 global civil society organization, Unfriend Coal campaign, aims to diminish the usage and production of coal worldwide. It has called on various insurance companies to diminish exposure to coal in an effort to support transition to clean energy. As of June, 2017, it has urged as many as 25 large direct insurance companies to take direct action against coal production and has requested details of their coal policies.
The new scorecard by Unfriend Coal campaign has rated 25 insurers on the basis of their action on climate change and coal. 15 out of those insurers have already divested an amount of around US$20 bn worth of equities and bonds to decrease their investment in the coal industry which is alleged to be the largest source of CO2 emission.
Despite such a move, none of the U.S. insurers or key European insurance companies such as Hannover Re, Chubb, Generali, and the like have made a required move against the coal industry.
This scorecard by the Unfriend Coal campaign include insurances giants like MetLife, Berkshire Hathway, and various other European, Japanese, and Australian companies. Four European insurance companies namely, SCOR, AXA, Zurich, and Swiss Re are making efforts modify underwriting of coal.