Stories by Justin Guay

Expert Voices

U.S. insurance industry under growing pressure to exit fossil fuels

man stands in front of white pipes at oil pumping station
A Keystone pumping station in North Dakota for tar sands crude oil. Photo: Lucas Oleniuk/Toronto Star via Getty Images

A new policy from AXIS Capital will restrict insurance and investing in coal and tar sands, heightening pressure on other U.S. insurers to take similar moves.

The big picture: All major European insurers, with the exception of Lloyd's, have announced comparable policies. U.S. insurers had been bucking the trend until Chubb stepped forward in July, but AXIS' decision adds momentum to the shift away from not just coal but fossil fuels more broadly.

Expert Voices

Indian states ending coal expansion advance goals of UN Climate Week

meeting hall at UN headquarters in New York City
A session of the 2018 UN General Assembly. Photo: Alexander Shcherbak/TASS via Getty Images

The decisions reached this month by two Indian states, Gujarat and Chhattisgarh, to stop building new coal plants align with a renewed call by UN Secretary-General Antonio Guterres to end all such construction by 2020.

Why it matters: India's pipeline of planned new coal plants ranks second in size only to China's. These commitments by its state governments come ahead of next week's Climate Summit at the UN General Assembly, where countries will face strong pressure to back off support for expanding coal facilities.

Expert Voices

Despite decline in new coal plants, emissions targets still at risk

a coal-fired power plant behind an open field
A coal-fired power plant in Salaya, India. Photo: Sam Panthaky/AFP/Getty Images

If most of the world's proposed new coal facilities are ultimately built, their output would far exceed the level required to limit global warming to 1.5 degrees Celsius.

Driving the news: A Global Energy Monitor report found that 538 GW of coal plants are still under consideration around the world. This represents a 62% reduction in proposed coal plants over the past 3 years — from a proposed 1,427 GW in 2015 — but still amounts to much more than the global carbon budget can absorb.