Insurance companies demand action on CO2

-Not only are governments recognising the need to act now to curb climate change, but the financial services industry worldwide is also adding its voice to demands for cuts in greenhouse gas emissions, says Greenpeace's Jeremy Leggett. In a hard hitting presentation on global warming delivered at September's British Wind Energy Association conference, he pointed out: "The driver is not so much understanding of the scientific aspects of this threat assessment but actual experience. Between the 1960s and the last ten years insured losses have increased by a factor of 15." Leading insurance companies have acknowledged that global warming could bankrupt their industry. "Here is an industry that understands uncertainty and that recognises that the stakes are huge," said Leggett. He added that bankers are now following suit, warning that financial markets will be affected by climate change which poses substantial investment risk. Yet despite these pointers to a new dynamic, there is still a lot more work to be done in outreach to the financial community, urged Leggett.