Business News
Commissioner Jones publicly releases latest insurance company oil, gas, coal and utility investments
The commissioner added these new fossil fuel disclosures to the Climate Risk Carbon Initiative database on the California Department of Insurance's Website, which provides transparency and insights with regard to how much fossil fuel exposure each respective insurance company faces.
The database reveals fossil fuel investments by insurer, including thermal coal, oil and gas, and utility investments.
The online database now includes three years of insurer fossil fuel investments from 2015 to 2017 searchable by insurer and year, making it the most comprehensive public database of insurer investments in fossil fuels.
In addition, the database includes individual insurers' responses to Commissioner Jones' request that insurers divest from thermal coal because of the risk thermal coal faces of becoming a stranded asset.
"Climate change poses potential financial risks to insurers' investments, particularly those investments in fossil fuels, as governments, businesses, consumers and markets transition away from fossil fuels in order to reduce greenhouse gas emissions causing climate change," said Insurance Commissioner Dave Jones. "In 2016 I began requiring insurers to disclose their fossil fuel investments and I asked insurers to divest from thermal coal because of the risk thermal coal could become a stranded asset on the books of insurance companies as consumers, businesses, markets and governments transition away from thermal coal as a source of energy. With this most recent disclosure of insurer fossil fuel investments we have better insight into the climate change related transition risks faced by insurers and their investments in fossil fuels."
The database tracks fossil fuels investments based on the following criteria: oil and gas companies that receive 50 percent or more of revenue from mining, refining and exploration of oil and gas, thermal coal companies that generation 30 percent or more of their revenue from the mining of coal, utility companies that generate 30 percent or more of their power from thermal coal, and utility companies that generate 50 percent or more of their power from oil, gas, and coal.
Commissioner Jones launched the Climate Risk Carbon Initiative in 2016 to address the climate change related "transition risk" faced by insurer investments in fossil fuels. There is a potential financial risk to the value of fossil fuel investments as governments, consumers, businesses and markets transition away from fossil fuels in order to reduce climate change.
There is a risk that fossil fuel investments could become "stranded assets" on the books of investors, including insurance companies. A stranded asset is any asset that has suffered an unanticipated or premature write down, devaluation or conversion to liability.
As a financial regulator, one of Insurance Commissioner Jones' responsibilities is to make sure insurance companies recognize financial risks to their investment portfolios and invest in ways that maintain the value of investments so they are available to pay future claims.
This newly released information and the Climate Risk Carbon Initiative online database will allow the department to continue to monitor the climate risk faced by insurer investments in fossil fuels and the exposure of insurance company portfolios to fossil fuels.
"During COP21, world governments committed to contain global warming under 2°C. This has led to a tremendous mobilization across industries," said Jad Ariss, AXA Group Head of Public Affairs & Corporate Responsibility. "As one of the largest insurance groups worldwide, AXA was the first major institutional investor to initiate divestment from coal in 2015. Three years later, less than 10 percent of insurers have restricted coal investment. We hope our decisions will create further momentum in the insurance industry. Rather than supporting the past, we prefer to support a low carbon future."
- Details
- Written by: California Department of Insurance
SAN FRANCISCO – Under the mantra of “Do Good,” the nation’s first pet supply company to offer a major 20 percent give back program for many of the world’s leading animal rights organizations launched today featuring the industry’s only dog and cat collars and dog leashes hand-crafted from vegan eco-friendly sustainable materials and produced in the U.S.
With high-profile worldwide partners such as The African Wildlife Foundation, The Sea Shepherd Conservation Society, Snow Leopard Trust, Mercy For Animals, Pollinator Partnership and others, Wildwood’s founders plan on continuing growing their global charity network to ensure that for “every collar or leash sold an animal somewhere on earth will be helped.”
“Wildwood is all about dreaming of how we can help the animal kingdom in new ways, big and small,” said Co-Founder Robby Yeager. “From animal rescues to educational programs to environmental causes to well-being awareness, our mission is to ensure the present and future quality of life for both wild and domestic creatures around the globe.”
Partner Christian Borges said, “Our aim is to have millions of animal lovers doing just that – spreading their love for not only their pets but animals everywhere. Every purchase of every item Wildwood will sell is going to help an animal in need – in some way, every day, somewhere. With our ‘Do Good Partnerships’ around the world we intend to do just that … do good. That’s our promise.”
Yeager and Borges created their idea in college when they were in a large pet supply store and overheard a young child ask their parent, “We take good care of our dog, but who’s taking care of all the other animals?”
Wildwood Pet was born.
To learn more about Wildwood Pet, go to https://wildwoodpet.com/ or follow them on Instagram @wildwoodpet.
With high-profile worldwide partners such as The African Wildlife Foundation, The Sea Shepherd Conservation Society, Snow Leopard Trust, Mercy For Animals, Pollinator Partnership and others, Wildwood’s founders plan on continuing growing their global charity network to ensure that for “every collar or leash sold an animal somewhere on earth will be helped.”
“Wildwood is all about dreaming of how we can help the animal kingdom in new ways, big and small,” said Co-Founder Robby Yeager. “From animal rescues to educational programs to environmental causes to well-being awareness, our mission is to ensure the present and future quality of life for both wild and domestic creatures around the globe.”
Partner Christian Borges said, “Our aim is to have millions of animal lovers doing just that – spreading their love for not only their pets but animals everywhere. Every purchase of every item Wildwood will sell is going to help an animal in need – in some way, every day, somewhere. With our ‘Do Good Partnerships’ around the world we intend to do just that … do good. That’s our promise.”
Yeager and Borges created their idea in college when they were in a large pet supply store and overheard a young child ask their parent, “We take good care of our dog, but who’s taking care of all the other animals?”
Wildwood Pet was born.
To learn more about Wildwood Pet, go to https://wildwoodpet.com/ or follow them on Instagram @wildwoodpet.
- Details
- Written by: Elizabeth Larson
How to resolve AdBlock issue?