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Parents planning appeal to Lloyd's on Father's Day: stop insuring fossil fuels

Parents planning appeal to Lloyd's on Father's Day: stop insuring fossil fuels | Insurance Business

Parents planning appeal to Lloyd

A group of fathers, mothers and children will launch a protest ahead of Father’s Day, urging Lloyd’s of London chairman Bruce Carnegie-Brown to stop the firm from insuring fossil fuels.

According to the organisers, the protest action will take place on June 18 outside Lloyd’s headquarters. The group will deliver a giant oil drum of dead flowers and an oversized Father’s Day card to Carnegie-Brown, who is a father of four. The organisers hope that the chairman will help stop Lloyd’s “legacy of climate destruction” and help protect the environment for future generations.

Lloyd’s is involved with insurance covering around 40% of the global energy market. This includes the controversial Adani coal mine in Australia and exploratory offshore oil drilling in the Bahamas.

Many of Lloyd’s counterparts in Europe, such as AXA and Swiss Re, have stopped or are stopping insuring polluting energy businesses such as coal and tar sands, Lloyd’s timeline to stop insuring “dirty” energy will runs to 2030.

Insurance is vital for any energy operation, regardless of environmental impact. Without insurance, environmentally damaging energy projects would struggle to continue. The protesters say that the majority of fossil fuel reserves must remain in the ground to prevent catastrophic and runaway climate change.