Connecticut's new bill targets insurers of fossil fuel projects with fees
Connecticut has proposed a fee on insurers backing fossil fuel projects, aiming to fund climate resilience efforts.
Jake Bittle reports for Grist.
In short:
- Connecticut's legislation could make insurance companies pay for supporting fossil fuel projects, using the fees for climate resilience.
- The bill, having passed a state senate committee, targets the insurance industry's dual role in the climate crisis.
- Funds raised would support infrastructure like sea walls and urban flood protection, addressing the state's vulnerability to climate disasters.
Key quote:
"It’s important to begin to hold [insurers] accountable for how they’ve played it both ways in terms of climate change."
— Tom Swan, executive director of Connecticut Citizen Action Group
Why this matters:
This initiative is designed to mitigate the environmental impact of continued fossil fuel extraction and use, and to align insurance industry practices with global sustainability goals. By restricting insurance coverage, the bill seeks to make it more difficult and expensive for fossil fuel projects to operate, thereby accelerating the transition to renewable energy sources.
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