The London and Bermuda-based insurer announced on past February 1st 2022<\/a> <\/span>that it \u201cwill not insure the construction or operation of any new thermal coal mine and\/or its dedicated infrastructure.\u201d<\/b><\/span><\/p>\n <\/i>THE POSITIVES<\/b><\/p>\n <\/i>THE NEGATIVES<\/b><\/p>\n Ending the expansion of fossil fuels has become the litmus test of the credibility of fossil policies<\/b> adopted by financial institutions since even the IEA recognized last year that we cannot afford to develop any new coal projects or oil and gas fields if we want to limit global warming to 1.5\u00b0C.<\/p>\n<\/div> Convex scores in the Coal Policy Tool<\/strong><\/p>\n Convex must urgently follow up on this first step and align itself with best practices in the sector, such as the robust coal policy adopted by AXIS Capital, another Bermuda-based insurer. It must immediately exclude the coverage of new coal plants and of coal developers, and it must also start to tackle the oil and gas sector by also excluding oil and gas expansionists.<\/b><\/span><\/p>\n<\/div>\n
Our analysis: a baby step<\/b><\/h1><\/span>
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This table presents the coal scores of Convex<\/i>\u00a0based on five criteria of the Coal Policy Tool.<\/i><\/p>\n<\/div><\/div><\/div><\/div><\/div>Our conclusion <\/span><\/span><\/b><\/h2><\/span>