We wanted to share an update from Green Century’s progressive work with the fossil fuel free movement. Green Century is the only mutual fund company in the world that is owned by environmental non-profits. Blue Summit uses Green Century Funds in our model portfolios.
As The insurance and banking sectors have undergone increased scrutiny in recent years for their outsized roles in underwriting new risks and providing insurance coverage or capital for exploration, drilling and pipelines. Funding new oil and gas fields paves the way for accelerated climate change and a more uphill battle to bring it under control.
For this reason, Green Century has filed shareholder proposals with three of the top 10 global commercial property and casualty insurers: Chubb, The Hartford, and Travelers, asking all three to stop underwriting new fossil fuel projects.
“Fossil fuel projects don’t get built without insurance. Period,” said Green Century Shareholder Advocate Andrea Ranger.
Green Century Funds President Leslie Samuelrich said, “It’s ironic that the companies charged with protecting us from disasters are exacerbating them through their support of fossil fuel projects. By propping up these projects, Chubb, The Hartford, and Travelers are supporting the industry most responsible for climate change and falling behind their European industry peers who have already assessed and addressed these risks.”
Blue Summit does not directly engage with companies listed above. Many, but not all clients, are invested in funds that perform this advocacy.