Insurers plan to divest 21.2 percent of their portfolios from fossil fuels over the next decade and to ramp up allocations to renewable energy to 10.6 percent over the same period, according to a new survey by Octopus Group, a group of ethically-minded financial services and energy supply businesses. Octopus Group, Survey, Report, Fossil Fuels, Renewable energy, Ethical Financial, Reinsurance, Insurance, Global
Insurance companies plan to pull 50% of their portfolios from fossil fuels investments and increase renewable energy allocations to 38% by 2030 , according to a survey by Survey, Report, Fossil Fuels . It said 38% of insurers felt institutional investors could make a "material difference" in the fight against climate change, while 38% said their investment strategies were driven by the positive impact of investing in climate change mitigation. However, the survey also found 63% of insurance firms lacked sufficient knowledge to invest in renewable energy.