The resolution outlines

The resolution explicitly states that the County is taking this action to urge insurance industry companies to divest from fossil fuel industries and end the underwriting of activities in furtherance of the extraction or use of fossil fuels, and to establish divestment as a determining factor in making insurance carrier decisions.

The proclamation was also written to acknowledge the insurance industry's role in exacerbating the climate crisis and harming public health by providing financial support for industries contributing to the extraction and burning of fossil fuels such as coal, oil, and gas.

Supporting the move, the resolution notes that the 40 largest U.S. insurers hold combined investments of over $450 billion in coal, oil, gas, and electric utilities, in addition to insuring projects like coal-fired power plants, tar sands pipelines, and other fossil fuel infrastructure that accelerate climate change.

See also:

Top U.S. insurers pulling out of coal due to climate change
Goldman Sachs won't finance Arctic drilling or new thermal coal mines
Chubb joins the fight against climate change

Special Reports /

Boulder County becomes first to screen insurance contracts for fossil fuel policies

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