London’s Walkie-Talkie skyscraper (housing several major insurance companies) was among several targeted this morning, in climate protests over controversial fossil-fuel projects.
Real Media has covered multiple Money Rebellion protests over the years. Most have been accountable and persuasive, attempting to engage with decision-makers to stem the flow of business money that aids and abets fossil-fuelled climate destruction. But this morning, red paint was sprayed at sites across the UK – the offices of various companies which have so far failed to rule out huge new infrastructure projects.
Many insurers have publicly committed not to cover the controversial East African Crude Oil Pipeline (EACOP). These include some prominent names such as Aegis, Canopius and Britam which are among 23 companies who have already pulled out of EACOP. Another five companies have also responded to pressure and have ruled out the West Cumbria coal mine. Without insurance neither of the projects would be able to go ahead.
EACOP
In preparation for the EACOP project in Uganda, more than 100,000 people have already been displaced, and local resistance has been met with violence and imprisonment. Apart from the 379 million tonnes of CO2 emissions which researchers claim the project will release, there are fears for food and water security for millions of people.
WEST CUMBRIA COALMINE
Near the fragile Lake District National Park, the proposed West Cumbria coal mine is the UK’s first underground facility for 30 years, poised to emit 8.4 million tonnes of CO2 every year. Activists reject government claims that it would help provide domestic energy security and support the steel industry. They say most of the coal will be exported, and the UK steel industry requires better quality coal, and is anyway rapidly moving away from coal-fired production.
INSURERS
Among the major UK-based insurers which are yet to rule out these projects are Ascot, Markel, Allied World, CNA Hardy, Tokio Marine Kiln, Lancashire Holdings, AXA, Hiscox and Travelers, and early this morning climate activists sprayed red paint over their offices in a co-ordinated action across the UK in London, Reading, Colchester, Leeds and Leicester. They are calling for insurers to boycott new fossil fuel projects, with the message:
“Insure Life, Not Lethal Fossil Fuels”.
Money Rebellion grew out of Extinction Rebellion and are a loose network of economists, financial experts and even bankers, who work with activists to expose the connections between the greed and power of our financial systems, and the root causes of our climate emergency. They have three main demands:
- Immediately cease insuring new and expanded coal, oil, and gas projects and the companies developing them.
2.Immediately adopt robust due diligence and verification mechanisms to ensure that clients fully respect all human rights, including Free, Prior, and Informed Consent (FPIC) of impacted communities.
- Play an active role in the just transition by increasing support to renewable projects by and for communities most impacted by climate change and facing energy access crisis.
See previous coverage and more info at: https://realmedia.press/money-rebellion-stop-eacop/
