XR Floods Are Here – Don’t Insure Fossil Fuels: On Monday 28th Oct 2024 Extinction Rebellion began three days of action in London demanding that insurers end supplying insurance to fossil fuel projects. This was a part of a week of action with protests taking place around the country and of a global campaign, ‘Insure Our Future‘.
On October 14th XR sent an ultimatum to senior executives at all the UK-based insurance companies who insure climate breakdown telling them that unless they made “a pledge to get out of new oil, coal and gas” they would face non-violent direct action and protests.
“Insure Our Survival spokesperson Steve Tooze said: “The insurance industry has the power to stop the fossil fuel industry in its tracks by withdrawing the insurance that protects them from huge financial losses when things go wrong in a high-risk industry.
“Currently, insurers are refusing to use that power. Instead, they are choosing to bet on profits from underwriting oil, gas and coal projects that are accelerating the climate crisis to levels that could destroy our civilisation in our lifetimes.
“In effect, Insurers are insuring the worst people in the world to dig up more fossil fuels that cause extreme weather and flood our homes. Then they are charging us more and more to insure our homes against the increasing risk of flooding. “
The letter, also published online, pointed out that one of the most respected climate research institutions in the world the Potsdam Institute had just issued a damning report which made clear we were facing a global emergency and “very fabric of life on Earth is imperilled.” They point out that global fossil fuel combustion and industrial processes account for approximately 90% of the carbon dioxide and “and other greenhouse gases are the primary drivers of climate change.”
Without insurance, new fossil fuel projects could not go ahead. At least one insurance company, Zurich Insurance, immediately announced that hey would no longer insure new oil and gas projects.
Monday’s protest theme was ‘The floods are here!‘ and this protest came the day before it was sadly demonstrated how true this was when “torrential rain … brought over a year’s worth of precipitation to several areas in southeastern Spain, including the Valencian Community, Castilla–La Mancha, and Andalusia.”
Several hundred XR protesters met at Tower Hill at 11am and set off to march around the City of London to stage protests outside insurance offices. Some wore southwesters and were carrying a pink inflatable boat, with others wore white hazard suits and held ‘CLIMATE CRIME SCENE’ police tapes.
Among the insurers the march targeted were Allianz and Lloyds and there were smaller groups picketing Hiscox which is supporting the the EACOP East Africa Crude Oil ‘carbon bomb’ pipeline and AXA.
Away from the march supporters Scientists for XR entered the lobby of the insurance industry’s regulatory body, the Prudential Regulation Authority. The march ended with a die-in in the open area next to St Mary Axe, facing Lloyds and next to the Leadenhall Building.
More pictures at XR The Floods Are Here action.
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