Coal power becoming 'uninsurable' as firms refuse cover
by Julia Kollewe from on (#4VYHM)
US insurers join retreat from European insurers meaning coal projects cannot be built or operated
The number of insurers withdrawing cover for coal projects more than doubled this year and for the first time US companies have taken action, leaving Lloyd's of London and Asian insurers as the "last resort" for fossil fuels, according to a new report.
The report, which rates the world's 35 biggest insurers on their actions on fossil fuels, declares that coal - the biggest single contributor to climate change - "is on the way to becoming uninsurable" as most coal projects cannot be financed, built or operated without insurance.
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