Insurance companies plan to pull 21.2% of their portfolios from fossil fuels investments and increase renewable energy allocations to 10.6% by 2030, according to a survey by Octopus Group. The shift is part of an effort to reduce the risk that insurers will be forced out of fossil-fuel investments. 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. However, the survey also found 50% of insurance firms lacked sufficient knowledge to invest in renewable energy.
Insurance companies plan to pull 21.2% of their portfolios from fossil fuels investments and increase renewable energy allocations to 10.6% by 2030, according to a survey by Octopus Group. The shift is part of an effort to reduce the risk that insurers will be forced out of fossil-fuel investments. However, the survey also found 50% of insurance firms lacked sufficient knowledge to invest in renewable energy.