doomed
“We can see from Lloyd’s long history of racism that it was always happy to trade its life for profit. Its business was started by insuring the transatlantic slave trade.”
“Today, its underwriters support projects that sacrifice Indigenous, black and brown communities on the front lines of fossil fuel extraction and climate collapse,” she added.
When employees arrived at work to find the building closed, they were greeted by members of XR’s TruthTeller project, who invited them to whistle any Earth-destroying plans underwritten by Lloyds.
A flyer that reads “Dear Lloyds of London” suggests that chief executive John Neil recently retracted a report promising to phase out the most disruptive activities by 2030, saying it was nothing more than a ” Provocative Discussion Paper”.
The note asked: “As a fellow human being, would you be willing to help him lead us down this extremely dangerous path? As a Lloyd’s professional, do you think doubling down on a doomed industry makes long-term business sense? If not, we invite you to speak up. We also invite you to report.”
pressure
Craig Welsby, spokesman for Extinction Rebellion, said: “Lloyd’s chief executive John Neal is not only refusing to act to avert climate collapse, but is actively preventing the rest of the Lloyd’s team from taking action. action effort.
“In 2022, Lloyd’s announced a policy to blacklist the most polluting fossil fuels, coal and tar sands from the market.
“Instead, we are now being told that their policies are not worth putting on paper. To protect a habitable planet, we need to stop the expansion of fossil fuels today, not recklessly squeeze every last bit of profit.”
Canada’s Trans Mountain pipeline, which has faced strong opposition from Aboriginal communities, will traverse land that will dramatically increase the amount of tar sands Canada can export, transporting 590,000 barrels of tar sands crude oil per day.
Lloyd’s of London is one of the insurance companies listed in the project’s latest public certificate. Lloyd’s and the syndicates operating in its market have been under intense pressure to exclude coverage of the program, with 16 insurers taking action and cutting ties to the program.
indigenous
Kayah George of the Tsleil-Waututh Nation and Tulalip Tribe said: “The Trans Mountain tar sands pipeline threatens my country and our sacred Sleilwaut (Burrard) entrance – where we were created.
“The pipes have poisoned our clam beds and violated the rights of many indigenous communities at their length and source.
“Expanding tar sands extraction and adding capacity to the Trans Mountain pipeline network is tantamount to climate damage.”
They added: “To date, 16 companies have ruled out insuring the Trans Mountain expansion project, but insurers in the Lloyd’s of London market are likely to remain the main insurers for the pipeline.
“Lloyd’s Market and syndicates like Arch urgently need to send the message that it’s time to move away from dirty fossil fuels and instead promote Indigenous rights, a healthy environment and a stable climate.”
gas
Lloyd’s of London is a network of specialist underwriters and insurers who are syndicated to operate globally and insure approximately 40% of the world’s energy market. A large part of it is fossil fuels.
Lloyd’s is a core part of the wider London insurance market, accounting for more than half of its total premiums. The London Market Group reports that in 2018, the London insurance market combined accounted for 55% of global energy sector insurance premiums.
From 1640 to the early 19th century, an estimated 3.1 million enslaved Africans were transported by Britain’s vast shipping industry – Lloyd’s is the global center insuring the industry.
Lloyd’s of London is behind other global insurers in ending insurance for fossil fuel projects, campaigners say.
Last month, three major insurers; Swiss Re, Hannover Re and Mapfre all committed to strengthening oil and gas policies.
Forged
Swiss Re, the world’s second-largest reinsurer, was the first major oil and gas insurer to adopt a policy that excludes insurance for most new oil and gas projects. It also expressed an ambition that by 2030 all of its oil and gas premiums would come from companies with solid net-zero plans. It also committed to developing an oil and gas policy for its treaty business by 2023.
Lloyd’s is under growing pressure to end underwriting of fossil fuel projects for local people, scientists and global climate protesters.
Previous protests include a dump truck dumping a huge pile of fake coal outside the entrance, throwing green paint on buildings to highlight their green wash, a 1,000-litre fake oil spill and a climate commemoration led by Pacific Outback , they traveled to the UK to participate in the COP26 climate negotiations.
this author
Brendan Montague is the editor ecologist. This article is based on a press release from Extinction Rebellion.
