Could New York Force Insurers to Drop Fossil Fuels? - New York Focus
Could New York Force Insurers to Drop Fossil Fuels? | New York Focus
Could New York Force Insurance Companies to Drop Fossil Fuels?
As climate disasters threaten a home insurance crisis, a new state bill aims at the problem’s root.
Colin Kinniburgh and
Julia Rock· June 10, 2024
“The insurance industry really is the canary in the coal mine.”
Colin Kinniburgh is a reporter at New York Focus, covering the state’s climate and environmental politics. Over a decade in media, he has worked in print, television, audio, and online news, and participated in fellowship programs at CUNY’s Graduate School of Journalism and…
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Julia Rock is a reporter for New York Focus. She was previously an investigative reporter at The Lever.
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Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”