Chubb Ceases New Coal-Plant Business to Fight Climate Change
- Investments in firms with 30% coal revenue also to end
- Policy change will have ‘small impact’ on revenue: executive
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Chubb Ltd. said it will stop underwriting the construction or operation of new coal-fired plants to fight climate change.
The insurer will also stop underwriting or making new debt or equity investments in companies that derive more than 30% of their revenue from coal-mining or energy production from coal, it said in a statement Monday. Insurance coverage for firms that exceed that threshold will be phased out by 2022, Zurich-based Chubb said.