Lloyd’s of London is divesting from coal companies. From 1 April it will start excluding coal from its investment portfolio. It now joins the ranks of other insurance companies which are shifting away from fossil fuels, such as Aviva, Allianz, Axa, Legal & General, SCOR, Swiss Re and Zurich.
Divesting from coal demonstrates that global warming is not profitable. Furthermore, insurance companies stand to lose vast sums of money on climate change related catastrophes, such as hurricanes, wildfires or flooding. In 2016 Lloyd’s of London had a pre-tax profit of £ 2.1 billion. A sum they now deny to coal companies.
Last year, Denmark saw renewable energy delivered at costs far below those of fossil fuel energy. UN Environment has long been working with local authorities and private sector interests to promote renewable energy and efficient energy consumption. Another approach has been to refocus economic policy reducing fossil fuel subsidies.
Last year, UN Environment cooperated with the World Bank Group on a report outlining the huge potential for sustainable investments globally. The report, titled “Roadmap for a Sustainable Financial System,” aims to help governments finance climate action and sustainable development.
For more about the decreasing costs of renewable energy, click here: https://bitly.im/KZO49
For more information about carbon subsidies, click here https://bitly.im/4sy9C
You can find “Roadmap for a Sustainable Financial System” here: https://bitly.im/6t2dG
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