May, 19 2022, 11:34am EDT
![As You Sow](https://assets.rbl.ms/32012598/origin.jpg)
Majority of Chubb Shareholders Support 1.5oc Emissions Reduction Proposal
WASHINGTON
Today, Chubb Limited released preliminary voting results from its annual general meeting where a majority of shareholders voted in favor of a greenhouse gas reduction proposal filed by investor representative As You Sow.
The resolution asks Chubb to issue a report on how it intends to measure, disclose, and reduce the greenhouse gas emissions associated with its underwriting, insuring, and investment activities, in alignment with the 1.5degC goal. A similar vote at insurer Berkshire Hathaway recently received support from more than 47% of independent shareholders.
"This high vote should be a wake-up call to Chubb and other large insurance companies," said Danielle Fugere, president of As You Sow. "Chubb can no longer ignore its role in financing high carbon activities. The climate risk associated with its underwriting and investing has become unacceptable to investors, who now seek action from Chubb to reduce its significant contribution to climate change."
2021 was the second most costly year on record for the world's insurers, with insured losses totaling $120 billion from natural catastrophes. Chubb reported pre-tax catastrophe losses of $1.15 billion in Q3 2021 alone, with $806 million of that figure attributable to Hurricane Ida. This follows a larger global trend -- insured losses from natural disasters reached $42 billion in the first six months of 2021, a 10-year high.
Chubb is one of the largest underwriters of high-carbon companies. According to an Insure Our Future report on insurers' exposure to the oil and gas sector, Chubb is one of the top providers of coverage to the oil and gas industry, surpassing peers such as The Hartford and AXA. Additionally, Chubb's bondholding and shareholding in coal alone amounts to $195 million.
Chubb currently addresses only its Scope 1 and 2 operational emissions, which covers emissions from electricity used in its offices and travel, among others, but ignores the vast majority of its financed greenhouse gas emissions. "By not addressing its financed emissions, Chubb continues a cycle of supporting activities that harm its own bottom line and increases risk for investors," Fugere said.
Chubb is falling behind peers in the global insurance industry that are increasingly embracing net-zero commitments. AIG and The Hartford recently committed to reaching net-zero emissions from their underwriting and investment portfolios by 2050 or sooner, following shareholder proposals filed by the Presbyterian Church (USA) and As You Sow respectively.
Members of the Net-Zero Insurance Alliance have made an overarching commitment to reach net-zero emissions from their insurance and reinsurance underwriting portfolios by 2050. The Net-Zero Insurance Alliance currently has 25 members, seven of which are in the top 30 largest global insurers by market cap.
As You Sow is the nation's non-profit leader in shareholder advocacy. Founded in 1992, we harness shareholder power to create lasting change that benefits people, planet, and profit. Our mission is to promote environmental and social corporate responsibility through shareholder advocacy, coalition building, and innovative legal strategies.
LATEST NEWS
Groups Demand Probe of Israeli Influence Operations Targeting Americans
"The administration must work to defend our democracy fully, and ensure that no foreign state has a green light to inappropriately target American citizens or manipulate our democratic process."
Jul 24, 2024
Over two dozen organizations on Wednesday demanded that the Biden administration launch a multi-agency investigation into recent reporting that "the Israeli government is engaging in illicit social media influence operations targeting U.S. elected officials and U.S. civil society."
Pointing to June reports by The New York Times, Haaretz, and The Guardian, the groups—including the Center for International Policy, CodePink, Democracy for the Arab World Now (DAWN), National Iranian American Council (NIAC), U.S. Campaign for Palestinian Rights (USCPR) Action, and Win Without War—wrote to President Joe Biden and the departments of Homeland Security, Justice, and State.
As Israel began waging war on the Gaza Strip in retaliation for the Hamas-led October 7 attack, the country's Ministry of Diaspora Affairs "allocated about $2 million to the operation and hired Stoic, a political marketing firm in Tel Aviv, to carry it out," the Times reported June 5, citing related documents and unnamed Israeli officials.
"Unfortunately, what has been reported thus far could just be the tip of the iceberg."
Although the Israeli ministry denied involvement in the campaign and Stoic didn't respond to requests for comment, the newspaper noted that "at its peak, it used hundreds of fake accounts that posed as real Americans on X, Facebook, and Instagram to post pro-Israel comments. The accounts focused on U.S. lawmakers, particularly ones who are Black and Democrats."
As The Guardian reported on June 24, "That effort is only one of many such campaigns coordinated by the ministry."
The newspaper detailed "a sprawling relaunch of a controversial Israeli government program initially known as Kela Shlomo, designed to carry out what Israel called 'mass consciousness activities' targeted largely at the U.S. and Europe."
"Concert, now known as Voices of Israel, previouslyworked with groups spearheading a campaign to pass so-called 'anti-BDS' state laws that penalize Americans for engaging in boycotts or other nonviolent protests of Israel," The Guardian explained, referring to the Palestinian-led Boycott, Divestment, and Sanctions movement.
"Its latest incarnation is part of a hardline and sometimes covert operation by the Israeli government to strike back at student protests, human rights organizations, and other voices of dissent," according to the newspaper. "Voices' latestactivities were conducted through nonprofits and other entities that often do not disclose donor information."
The coalition calling on Biden to launch an investigation wrote that "it is incumbent on our government to protect its citizens from efforts by foreign governments to inappropriately interfere in our democratic process by spreading disinformation, targeting U.S. elected officials, and seeking to intimidate members of U.S. civil society."
Highlighting previous action "to punish and deter such nefarious behavior" by Russian firms, the groups argued that "as an administration that has defined itself as defenders of American democracy against threats from both domestic and foreign state actors, the news of the Israeli government's attacks on our democracy must be addressed."
NIAC president Jamal Abdi said, "What this letter asks for is very simple: that President Biden and his administration treat reports of inappropriate Israeli influence operations with the same seriousness that it has allegations of Russian and Iranian influence campaigns."
"Unfortunately, what has been reported thus far could just be the tip of the iceberg," he continued. "The administration must work to defend our democracy fully, and ensure that no foreign state has a green light to inappropriately target American citizens or manipulate our democratic process."
The U.S. government has provided weapons and diplomatic support for Israel's war on Gaza, which has killed at least 39,145 Palestinians and injured another 90,257, according to local officials, and is the subject of an International Court of Justice genocide case.
"The United States has failed to protect Palestinian communities, putting them at risk of harm to continue emboldening Israel," USCPR Action policy manager Mohammed Khader said Wednesday. "As the Israeli government and its foreign agents attempt to undermine our collective efforts on Palestinian rights, we strongly urge for the federal government to impose sanctions to hold Israeli officials and institutions accountable for violating the law."
In addition to the reported covert operations, there have been overt actions by Israel's leaders. As Israeli National Security Minister Itamar Ben-Gvir on Wednesday endorsed former U.S. President Donald Trump for the November election, saying that he believes the Republican "will receive the backing to act against Iran," Israeli Prime Minister Benjamin Netanyahu was invited to address a joint session of Congress, despite protests from American lawmakers.
Trump, Biden, and Vice President Kamala Harris—now the presumed Democratic nominee for the November election—are all set to separately meet with Netanyahu while he is visiting the United States.
"It's time for the Biden administration to end its policy of exceptionalism towards Israel and hold all nations to the same standards," declared DAWN advocacy director Raed Jarrar. "The administration must take decisive action to protect our democracy from all forms of foreign interference."
Keep ReadingShow Less
730 Million People—Including 20% of Africans—Faced Hunger Last Year
Jul 24, 2024
More than 730 million people around the world faced hunger last year, including 1 in 5 Africans, with over half a billion people set to be chronically malnourished by the decade's end if current trends continue, according to a report published Wednesday by a United Nations agency.
One in 11 people globally went hungry in 2023, the latest U.N. Food and Agriculture Organization (FAO) State of Food Security and Nutrition in the World (SOFI) report revealed.
"The report shows that the world has been set back 15 years, with levels of undernourishment comparable to those in 2008-2009," according to the FAO. "An alarming number of people continue to face food insecurity and malnutrition as global hunger levels have plateaued for three consecutive years."
"Hunger is not something natural. Hunger is something that requires a political decision."
The agency noted significant variation in regional trends as "the percentage of the population facing hunger continues to rise in Africa (20.4%), remains stable in Asia (8.1%)—though still representing a significant challenge as the region is home to more than half of those facing hunger worldwide—and shows progress in Latin America (6.2%)."
"If current trends continue, about 582 million people will be chronically undernourished in 2030, half of them in Africa," FAO said, warning that "the world is falling significantly short of achieving Sustainable Development Goal (SDG) 2, Zero Hunger, by 2030."
FAO Director-General Qu Dongyu said in a statement that "transforming agrifood systems is more critical than ever as we face the urgency of achieving the SDGs within six short years. FAO remains committed to supporting countries in their efforts to eradicate hunger and ensure food security for all."
"We will work together with all partners and with all approaches, including the G20 Global Alliance against Hunger and Poverty, to accelerate the needed change," Qu added. "Together, we must innovate and collaborate to build more efficient, inclusive, resilient, and sustainable agrifood systems that can better withstand future challenges for a better world."
FAO argued that "achieving SDG 2 Zero Hunger requires a multifaceted approach, including transforming and strengthening agrifood systems, addressing inequalities, and ensuring affordable and accessible healthy diets for all."
"It calls for increased and more cost-effective financing, with a clear and standardized definition of financing for food security and nutrition," the agency added.
The new report comes ahead of this November's scheduled G20 Global Alliance against Hunger and Poverty Task Force Ministerial Meeting in Rio de Janeiro, Brazil. On Wednesday, Qu praised Brazilian President Luiz Inácio Lula da Silva—who currently chairs the G20—for centering food security in the bloc's agenda.
In the 2000s, Lula's leftist government implemented plans including Fome Zero (Zero Hunger) and Bolsa Familia (Family Allowance) that significantly reduced malnutrition and poverty in Brazil.
"We need to build on the progress achieved in this region, and share this experience with other regions, especially Africa," Qu said.
Speaking in Rio de Janeiro on Wednesday, Lula said that "hunger is not something natural. Hunger is something that requires a political decision."
Cindy McCain, executive director of the U.N.'s World Food Program (WFP), said Wednesday that "a future free from hunger is possible if we can rally the resources and the political will needed to invest in proven long-term solutions."
"I call on G20 leaders to follow Brazil's example and prioritize ambitious global action on hunger and poverty," she continued. "We have the technologies and know-how to end food insecurity—but we urgently need the funds to invest in them at scale."
"WFP is ready to step up our collaboration with governments and partners to tackle the root causes of hunger, strengthen social safety nets, and support sustainable development so every family can live in dignity," McCain added.
Keep ReadingShow Less
Harris Campaign Says 'Oil Barons Are Salivating' Over Second Trump Term
"Trump's promises to Big Oil would sacrifice good-paying jobs that are driving an American energy and manufacturing boom," said the campaign.
Jul 24, 2024
U.S. Vice President Kamala Harris on Wednesday seized on Republican presidential nominee Donald Trump's close ties to oil executives, taking aim at the promises Trump has directly made to billionaires who have contributed nearly $26 million to his campaign.
Responding to a report from The Wall Street Journal about the record-breaking donations Trump has received from oil magnates for his 2024 campaign as he's pledged to help them "make an absolute fortune" by continuing to drill for planet-heating fossil fuels, Harris' newly launched presidential campaign put it bluntly.
"Oil barons are salivating because climate denier Donald Trump promised to do their bidding while asking them to bankroll his run for the presidency," said Joseph Costello, a spokesperson for the campaign.
The spokesperson noted that Trump has offered oil billionaires the chance to all but control his energy policy should he win a second term, telling them directly at a dinner in May that he would dismantle the oil and gas regulations introduced by Harris and President Joe Biden if the industry raised $1 billion for his campaign.
The Democratic vice president launched her campaign this week after Biden, who had faced pressure to step aside due to his age and health, endorsed her.
"These Big Oil donations solicited by Trump are being investigated as a 'blatant quid pro quo' by Senate investigators," noted Harris in an email to supporters.
In addition, said Costello, "Trump's promises to Big Oil would sacrifice good-paying jobs that are driving an American energy and manufacturing boom, and instead give billion-dollar handouts to corporations at the expense of working families and a healthy future for our children."
"These Big Oil donations solicited by Trump are being investigated as a 'blatant quid pro quo' by Senate investigators."
As the U.S. Energy and Employment Report found in 2022, under the Biden administration, renewable energy jobs have grown faster than the overall U.S. economy, paying higher than average wages, and have made up for rising unemployment in the fossil fuel industry.
"Under the Biden-Harris administration, America is more energy independent than ever," said Costello. "Vice President Harris cast the tie-breaking vote on the Inflation Reduction Act, creating hundreds of thousands of good paying energy jobs and making the biggest climate investment in world history. But Trump promises to dismantle all this progress and sell out America's future for his own personal gain."
The vice president condemned the "ready-made executive order" oil lobbyists have already begun drafting for Trump in order to secure "tax handouts, increase costs on Americans, and pollute our environment," a day after four national climate groups announced their endorsement of Harris.
The League of Conservation Voters Action Fund, the Natural Resources Defense Council (NRDC) Action Fund, the Sierra Club, and Clean Energy for America Action expressed confidence that if she wins the presidency in November, Harris will "raise climate ambition to make sure we confront the climate crisis in a way that makes the country more inclusive, more economically competitive, and more energy secure."
The Wall Street Journal's reporting confirms that "the oil barons have their candidate" in Trump, said Matt Compton, chief of staff for Climate Power. "Thank God those of us who care about a clean energy future have Kamala Harris."
Keep ReadingShow Less
Most Popular