As one of the world’s largest insurers of coal, oil, and gas in the world, Chubb is fueling the climate crisis. Chubb’s support for the expansion of climate-wrecking fossil fuel projects fuels the climate crisis and threatens the health, safety, and rights of communities around the world.
Although you have acknowledged the massive threat that climate change poses to the world for more than a decade, and announced new restrictions based on conservation and methane emissions, your company’s actions do not align with your rhetoric on climate. Continued support for new fossil fuel infrastructure locks us all into a world of runaway global warming. As you know, potential emissions from oil, gas and coal reserves already in production more than exhaust a 2°C carbon budget, and take us far beyond 1.5°C.
As Chubb scopes the newly announced conservation and methane policies, the company must address midstream and downstream projects, like pipelines and LNG facilities. The impacts of these projects on our climate, water, air, and public health are significant. If this infrastructure is built it will lock us into decades of further oil and gas expansion.
We call on you to take concrete steps to align with a world in which climate change is limited to 1.5°C, human rights are fully respected, and fossil fuels are not driving violent conflict around the globe by taking the following steps:
1. Immediately stop providing new financing, investment, insurance coverage and other financial services to fossil fuel companies, and divest from existing assets.
2. Immediately stop insuring new and expanded coal, oil, and gas projects;
3. Set 1.5°C-aligned zero dates for phasing out all fossil fuel insurance;
4. Immediately end financing for projects and companies that are implicated in abuses of human rights, especially Indigenous rights.
In the lead-up and closely following your Annual General Meeting, we are echoing the calls from investors to stop insuring fossil fuel expansion and instead ensure a livable planet for all. You have an opportunity to reassert your leadership position on climate and justice, and we urge you to seize it.