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Thermal coal loses favor with insurance giant

Jul 09, 2018, 7:37 AM EDT
(Source: Takver/flickr)
(Source: Takver/flickr)

Insurance giant Swiss Re has laid down a new policy that refuses insurance cover to companies that generate 30 percent of their power or 30 percent of their revenue from coal power, a move that’s both a strike against global warming and a far-sighted business tactic.

Distancing away from coal-dependent clients isn’t just a conscious-driven decision but one inspired by “cold, hard cash,” as extreme weather conditions sparked by emissions, climate change and pollution cost insurers some hefty amounts, notes Earther.

Irrespective of the motive, such a policy may nudge companies to shift away from fossil fuels for their own economics if not for the sake of the environment, reports Engadget.

TAGS: Swiss Re
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