Quakers join global week of action urging insurers to withdraw fossil fuel coverage
Quakers and other faiths held a vigil outside Lloyd's of London this Monday, 26 February, urging them to use their power to bring about a safer, prosperous future for all.
As the world's biggest insurance market, Lloyds should end insurance for all new fossil fuel projects and phase out existing fossil fuel insurance, faith groups said.
Coal, gas and oil projects cannot operate without insurance and the interfaith vigil was part of Insure Our Future's global week of climate actions focussing on the insurance industry.
Quakers and faith representatives from all the major UK faiths also issued an open letter calling for moral leadership to Lloyd's syndicates Hiscox, Talbot (subsidiary of AIG), and Tokio Marine [all PDFs]
The quiet vigil was followed later in the day by a street performance by Mothers Rise Up, a group of concerned mothers who campaign for action on climate change.
[QUOTE-START]
Those who offer financial backing and social legitimacy to new fossil fuel projects now have an urgent moral responsibility to change course.
- Paul Parker
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More than 30 dancers including towering stilt walkers dressed as oil derricks and a huge planet Earth performed to Dvorak's New World Symphony.
Campaigners in the UK are taking part alongside others in the Insure our Future (a coalition of NGOs and social movements) week of action from 26 February to 3 March.
With actions in 27 countries across six continents, this is the largest ever co-ordinated campaign asking the insurance industry to show leadership on the climate.
Paul Parker, Recording Clerk of Quakers in Britain, said: "Those who offer financial backing and social legitimacy to new fossil fuel projects now have an urgent moral responsibility to change course.
“The insurance industry has significant influence on the global economy; you can put our whole world on a safer trajectory by showing leadership now.
“There is no longer any possible moral justification for continuing to support and enable fossil fuel expansion when the evidence of its catastrophic impacts is so clear."
Collectively, members of the Lloyd's market accounted for an estimated nine per cent of coal, oil, and gas insurance premiums in 2022.
The Lloyd's Council, which sets the rules in its marketplace, has refused to rule out dangerous new fossil fuel projects, associated with environmental damage and human rights breaches, including the East African Crude Oil Pipeline.
In contrast, 18 companies have committed to end or restrict insurance for new oil and gas projects.
45 companies have committed to end or restrict insurance on coal projects, and 26 companies have introduced policies to restrict insurance on tar sands projects.
Lloyd's is a leading insurer of coal mines in the US and tar sands in Canada and is the leading insurer of North Sea oil expansion, including in the Arctic.