* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Wednesday, October 1, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Penn State-Themed Restaurant and Entertainment Spot Happy Valley Live Set to Open in State College – StateCollege.com

    Penn State-Themed Restaurant and Entertainment Spot Happy Valley Live Set to Open in State College – StateCollege.com

    The Police Made Chart History With This 1979 Hit Nearly 50 Years Ago – Yahoo

    How The Police Changed Music Forever with Their Iconic 1979 Hit Nearly 50 Years Ago

    Good Deed Entertainment Acquires Worldwide Rights To Liza Mandelup’s Documentary ‘Caterpillar’ – Deadline

    Good Deed Entertainment Lands Global Rights to Liza Mandelup’s Captivating Documentary ‘Caterpillar

    Danielle Fishel Explains Why Being on “DWTS” Makes Her Feel ‘Like It’s 1994 Again’ Filming “Boy Meets World” (Exclusive) – Yahoo

    Danielle Fishel Explains Why Being on “DWTS” Makes Her Feel ‘Like It’s 1994 Again’ Filming “Boy Meets World” (Exclusive) – Yahoo

    Jussie Smollett Claims He Was ‘Disrespected’ on the ‘Special Forces’ Season Premiere – Yahoo

    Jussie Smollett Opens Up About Feeling ‘Disrespected’ During the ‘Special Forces’ Season Premiere

    TicketSmarter Fall Entertainment Guide – Eastern Illinois University Athletics

    TicketSmarter Fall Entertainment Guide – Eastern Illinois University Athletics

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Steampunk Metal Oval Technology Sense Sunglasses Personality Handmade Chain Multicolor Sunglasses UV400 – The San Joaquin Valley Sun

    Steampunk Metal Oval Sunglasses with Handmade Multicolor Chain – Bold UV400 Protection and Unique Style

    STELLA Automotive AI Appoints Fred Seidelman as Chief Technology Officer – Yahoo Finance

    STELLA Automotive AI Appoints Fred Seidelman as New Chief Technology Officer

    Saving Energy and Money with Smart Technology – Terms of Service with Clare Duffy – Podcast on CNN Podcasts – CNN

    Saving Energy and Money with Smart Technology – Terms of Service with Clare Duffy – Podcast on CNN Podcasts – CNN

    Four Strategic Signals Technology Leaders Are Tuning In To – SPONSOR CONTENT FROM ARM – Harvard Business Review

    Four Essential Strategic Signals Every Technology Leader Should Watch

    Virginia Tech hosts annual New Music + Technology Festival this week – Cardinal News

    Virginia Tech Kicks Off Exciting Annual New Music and Technology Festival This Week

    Why I gave the world wide web away for free | Tim Berners-Lee – The Guardian

    Why I Decided to Make the World Wide Web Free for Everyone | Tim Berners-Lee

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Penn State-Themed Restaurant and Entertainment Spot Happy Valley Live Set to Open in State College – StateCollege.com

    Penn State-Themed Restaurant and Entertainment Spot Happy Valley Live Set to Open in State College – StateCollege.com

    The Police Made Chart History With This 1979 Hit Nearly 50 Years Ago – Yahoo

    How The Police Changed Music Forever with Their Iconic 1979 Hit Nearly 50 Years Ago

    Good Deed Entertainment Acquires Worldwide Rights To Liza Mandelup’s Documentary ‘Caterpillar’ – Deadline

    Good Deed Entertainment Lands Global Rights to Liza Mandelup’s Captivating Documentary ‘Caterpillar

    Danielle Fishel Explains Why Being on “DWTS” Makes Her Feel ‘Like It’s 1994 Again’ Filming “Boy Meets World” (Exclusive) – Yahoo

    Danielle Fishel Explains Why Being on “DWTS” Makes Her Feel ‘Like It’s 1994 Again’ Filming “Boy Meets World” (Exclusive) – Yahoo

    Jussie Smollett Claims He Was ‘Disrespected’ on the ‘Special Forces’ Season Premiere – Yahoo

    Jussie Smollett Opens Up About Feeling ‘Disrespected’ During the ‘Special Forces’ Season Premiere

    TicketSmarter Fall Entertainment Guide – Eastern Illinois University Athletics

    TicketSmarter Fall Entertainment Guide – Eastern Illinois University Athletics

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Steampunk Metal Oval Technology Sense Sunglasses Personality Handmade Chain Multicolor Sunglasses UV400 – The San Joaquin Valley Sun

    Steampunk Metal Oval Sunglasses with Handmade Multicolor Chain – Bold UV400 Protection and Unique Style

    STELLA Automotive AI Appoints Fred Seidelman as Chief Technology Officer – Yahoo Finance

    STELLA Automotive AI Appoints Fred Seidelman as New Chief Technology Officer

    Saving Energy and Money with Smart Technology – Terms of Service with Clare Duffy – Podcast on CNN Podcasts – CNN

    Saving Energy and Money with Smart Technology – Terms of Service with Clare Duffy – Podcast on CNN Podcasts – CNN

    Four Strategic Signals Technology Leaders Are Tuning In To – SPONSOR CONTENT FROM ARM – Harvard Business Review

    Four Essential Strategic Signals Every Technology Leader Should Watch

    Virginia Tech hosts annual New Music + Technology Festival this week – Cardinal News

    Virginia Tech Kicks Off Exciting Annual New Music and Technology Festival This Week

    Why I gave the world wide web away for free | Tim Berners-Lee – The Guardian

    Why I Decided to Make the World Wide Web Free for Everyone | Tim Berners-Lee

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Science

Connecticut wants to penalize insurers for backing fossil-fuel projects

March 20, 2024
in Science
Connecticut wants to penalize insurers for backing fossil-fuel projects
Share on FacebookShare on Twitter

The nation’s insurance industry has gone haywire in recent years amid a succession of floods, fires, and other climate-fueled disasters. These catastrophes have forced carriers to pay out billions in claims, and many have responded by raising premiums in disaster-prone states like Florida and Oregon or leaving certain markets altogether.

But many of these companies also provide coverage for fossil fuel projects, like pipelines and natural gas power plants, that would never be built without their backing. This gives the insurance industry a unique role on both sides of the climate crisis: insurers are helping make the problem worse by underwriting the very projects that warm the earth even as they bear the costs of mounting climate disasters and pass them on to customers.

Legislation in Connecticut, the capital of the American insurance industry and home to several of its largest carriers, could make insurers pay for that contradiction. If passed, the bill, which just cleared a committee vote in the state senate, would move toward imposing a fee for any fossil-fuel projects companies insure in state. That revenue would go into a public resilience fund that could underwrite sea walls and urban flood protection measures.

“It’s important to begin to hold [insurers] accountable for how they’ve played it both ways in terms of climate change,” said Tom Swan, the executive director of Connecticut Citizen Action Group, an economic justice nonprofit that has joined several environmental organizations in lobbying the legislature to pass the bill along with several environmental organizations. “People are seeing skyrocketing rates, or they’re pulling out of different areas, and they continue to underwrite and invest in fossil fuels at a pace much greater than their colleagues across the globe,” he said. 

The group pushed a more aggressive proposal last year that would have charged insurers a 5 percent fee for any fossil fuel coverage they issued in the United States, but that bill failed after critics raised several legal questions. In particular, the industry argued that the Constitution’s interstate commerce clause prohibits taxing a company’s out-of-state business.

The new version, attached as an amendment to a climate resilience bill proposed by Democratic Governor Ned Lamont, would only require the state to produce a proposal for an insurance mechanism. The surcharge would apply only to fossil-fuel projects these companies insure in Connecticut, avoiding that constitutional challenge.

The assessment would apply not only to new pipelines and fuel terminals, which require ample insurance to attract lenders and investors, but to current coverage for existing infrastructure as well. This means anyone covering the state’s dozens of oil- and gas-fueled power plants would be contributing to the resilience fund. A report from Connecticut Citizen Action Group and several other environmental nonprofits found that the state’s insurers have together invested $221 billion in fossil fuels.

Supporters argue the reduced fee would still raise tens or hundreds of millions of dollars for climate resilience. Connecticut received about $318 million in FEMA disaster aid between 2011 and 2021, or about $149 in spending per capita, according to the climate adaptation nonprofit Rebuild by Design. That puts the state well below disaster-prone locales like Louisiana, which saw $1,736 in federal disaster aid per capita, but far above those like Delaware that haven’t experienced a major disaster in the past decade.

Eric George, the president of the Insurance Association of Connecticut, the state’s largest insurance trade association, said the organization would “strongly oppose” any surcharge, but added that he was still studying the bill.

The legislation comes as other states, including Vermont and Maryland, introduce “polluters pay” bills to hold oil producers accountable for climate damages. Connecticut’s proposed law is an iteration of that effort focused on an area where state regulators wield significant influence, said Risalat Khan of the Sunrise Project, a nonprofit focused on energy transition policy. 

“People are very directly seeing their premiums rise, in relation to climate disasters,” he said. “There’s a direct question there of, why aren’t state level regulators using more of their power to take local action?”

The significance of this financing mechanism could vary from state to state, says Benjamin Keys, a professor of economics at the University of Pennsylvania and an expert on climate insurance risks. 

“One major issue is that the fuels are collected and burned everywhere, but the pain of natural disasters is local in nature,” he said. Because of that, he questioned whether the financing mechanism “would be feasible for all communities to emulate, because many places have [lots of] disasters hit, but very little in the way of fossil fuel production.” Florida, for instance, doesn’t have much more fossil-fuel infrastructure than Connecticut, but faces extreme weather and other catastrophes far more often.

Even though the legislation is weaker than the previous version, supporters say passing it in the home of the country’s insurance industry would send a message to big companies that are still underwriting oil and gas projects.

“I think it’s a good policy, but from a narrative-setting perspective, it’s really important,” said Swan.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Grist – https://grist.org/regulation/connecticut-disaster-insurance-fossil-fuels/

Tags: Connecticutsciencewants
Previous Post

How to Choose Between an MSI Claw and a Steam Deck

Next Post

At prom, fast fashion slows down

The billion-year reign of fungi that predated plants and made Earth livable – ScienceDaily

October 1, 2025
We Asked an Entomologist to Fact-Check the Science of ‘Alien: Earth’ – Esquire

We Asked an Entomologist to Fact-Check the Science of ‘Alien: Earth’ – Esquire

October 1, 2025
Building Better Leaders Through the Science of Happiness – Pace University

Unlocking Leadership Potential: How the Science of Happiness Transforms Leaders

October 1, 2025
Viral ‘Goth house’ for sale just in time for Halloween – The Weekly Journal

Step Inside the Spooky ‘Goth House’ Perfect for Halloween!

October 1, 2025
Steampunk Metal Oval Technology Sense Sunglasses Personality Handmade Chain Multicolor Sunglasses UV400 – The San Joaquin Valley Sun

Steampunk Metal Oval Sunglasses with Handmade Multicolor Chain – Bold UV400 Protection and Unique Style

October 1, 2025
Atlanta Braves Manager Brian Snitker Moving to ‘Advisory Role’ – FOX Sports

Atlanta Braves Manager Brian Snitker Moving to ‘Advisory Role’ – FOX Sports

October 1, 2025
The sleepy SF neighborhood that just became one of the world’s coolest – SFGATE

The sleepy SF neighborhood that just became one of the world’s coolest – SFGATE

October 1, 2025
The “stuck economy,” tariffs and Wall Street – marketplace.org

How Tariffs and Wall Street Are Strangling the Economy’s Growth

October 1, 2025
LSU Theatre’s season opener: A handkerchief discovered by a lovesick suitor adds up to hilarity – The Advocate

Love, Laughter, and a Lost Handkerchief: LSU Theatre’s Season Opener Promises Hilarious Fun

October 1, 2025
Rural Health Transformation (RHT) Program – Centers for Medicare & Medicaid Services | CMS (.gov)

Rural Health Transformation (RHT) Program – Centers for Medicare & Medicaid Services | CMS (.gov)

October 1, 2025

Categories

Archives

October 2025
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031  
« Sep    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (846)
  • Economy (866)
  • Entertainment (21,740)
  • General (17,353)
  • Health (9,910)
  • Lifestyle (880)
  • News (22,149)
  • People (869)
  • Politics (877)
  • Science (16,077)
  • Sports (21,367)
  • Technology (15,850)
  • World (849)

Recent News

The billion-year reign of fungi that predated plants and made Earth livable – ScienceDaily

October 1, 2025
We Asked an Entomologist to Fact-Check the Science of ‘Alien: Earth’ – Esquire

We Asked an Entomologist to Fact-Check the Science of ‘Alien: Earth’ – Esquire

October 1, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version