With the ambition of holding insurance companies liable for their role in climate change action, California Insurance Commissioner Ricardo Lara has released a new report that details the fossil fuel investments of insurers operating in the state.
According to a statement from the commissioner’s office, the report is “the most exhaustive study of fossil fuel investments by insurance companies ever done by any US state.” The report utilizes data from publicly disclosed 2018 and 2019 financial investment information analyzed by S&P Global. Notably, it also identifies insurers’ holdings in green bonds that support clean energy investments and other environmental projects.
