California's Insurance Commissioner, Dave Jones, has become the first US insurance regulator to call for all insurance companies, that operate in the state, to divest from coal companies and disclose their investment holdings. Jones said "the movement away from coal and the rest of the carbon economy poses a potential financial risk to insurance companies investing in coal and the carbon economy." The move comes as California is under pressure over its efforts to reduce greenhouse gas emissions blamed by scientists for global warming.
California's Insurance Commissioner, Dave Jones, has become the first US insurance regulator to call for all insurance companies, that operate in the state, to divest from coal companies and disclose their investment holdings. Jones said "the movement away from coal and the rest of the carbon economy poses a potential financial risk to insurance companies investing in coal and the carbon economy." California is the largest insurance market in the US, and the six largest in the world, making this an important step towards divesting away from coal, and moving the state closer to achieving its carbon emission targets.