Multinational firms managing $1.2tn in assets declare subsidies for coal, oil, and gas ‘simply unsustainable’

By Lauren McCauley, staff writer for Common Dreams. Published 8-29-2016

An aerial photograph of Baton Rouge, Louisiana after historic flooding destroyed much of the city, August 18, 2016. (Photo: Thomas Cizauskas/cc/flickr)

Warning that climate change amounts to the “mother of all risks,” three of the world’s biggest insurance companies this week are demanding that G20 countries stop bankrolling the fossil fuels industry.

Multi-national insurance giants Aviva, Aegon, and Amlin, which together manage $1.2tn in assets, released a statement Tuesday calling on the leaders of the world’s biggest economies to commit to ending coal, oil, and gas subsidies within four years. Continue reading →