Fossil Fuel Financing and how well it is backed up by the rich and the greedy

Most of the corporate companies in this world have shown time and again that they only mouth their concerns for the planet’s environment but their sight is on profits and profits alone; at any expense or cost. A few months ago, J.P. Morgan Chase faced a shareholder resolution that was historic and it was to end their financing for the expansion of fossil fuels. What happened? Their management opposed it vigorously. In the Paris agreement on Climate Control, signs were shown that we have a potential to limit climate change to 1.5°C objective. Drastic changes have to take shape, starting right now. It can start with reduction and eventual end to the expansion of fossil fuels. Once again, the pointer is towards J.P. Morgan Chase as the largest funder of fossil fuels and for being one of the top financers of Exxon. Will they take any steps? Not likely. Anything to come about nature’s preservation takes a backseat to wicked greed for moolah. These are critical times as far as climate control is concerned. Each action of ours or lack of action may have life changing consequences for everyone on earth. Aren’t we already experiencing the damaging effect of climate change everywhere? We see forest fires and heat waves, crop failures and floods, tornadoes and drought. The value of damage is in billions of dollars every year with thousands of people dying, worldwide. While this is happening, bankers and insurance companies are busy aiding climate destruction by pouring billions of dollars in the finance of fossil fuels in the past several years. Isn’t it time to hold such companies accountable for their direct hand in climate destruction? Companies have to start looking on how to clean up their supply chains which are leaving a big trail of damage, ranging from the boreal forests of Canada to the rainforests of Amazon and Indonesia. It is time to tell such companies to cease their land theft, deforestation and abuse of environment. Many big corporates still continue to source such commodities that are a risk to forests such as producers of palm oil and paper from most indifferent suppliers. Some of them have connections to land theft on an indigenous basis, disturbing habitat of orangutans and leading to a chain of violent activities in places like Indonesia. These people are putting the earth’s future at risk by destroying the rainforests that cannot be replaced. They are also destroying the climate and local and indigenous communities of people. It is time to drill some sense into this world and the wicked rich and the corporate to stop their deforestation activities and abuse of human rights.

Insurance Companies backing the destruction of this planet's environment

The insurance industry plays a major role in the creation of climate chaos and the rising disasters that are being experienced by the communities they are supposed to protect. That is why it is ironic when insurance companies recently gathered in San Francisco for a conference and they called it `Risk World’. They have actually been taking a lot of risk with the well-being of this world. Big insurers know that their role in the climate crisis has not gone unnoticed. It is about time that the world has held insurance companies responsible for the damage that they have been causing to the climate situation. Let them be reminded about the ashes of all those homes and cities that were destroyed by wildfires in California and Colorado. Some of these companies blow their trumpets saying that they care about communities and that they are being stewards of this planet. Their actions are actually going the other way. They would rather insure fossil fuels than protect the climatic chaos. They have to start learning how to avoid fossil fuels instead of abandoning communities. They say they are in the business of risk management; then, let them start by insuring this planet’s future. Some companies are in the business of gaining profit from the destruction of climate. It is about time that they take climate action to keep the temperatures from rising to below 1.5ºC and protect community health. Insurers have to stop risking this world in the name of profit and greed. As of now, eighteen insurers have ruled out their backing the Trans Mountain tar sands pipeline. The clock is ticking. We have roughly about a decade to end the fossil fuel expansion drives. So, plans for new oil pipelines like Trans Mountain are a reckless threat to humanity. The very idea of insurance companies covering this dangerous project is so absurd — the companies that are to cover damages in the case of disasters are actually supporting the world’s worst unfolding disaster — in real time. The Trans Mountain pipeline stretches seven hundred miles across Western Canada and the current plan would triple the pipeline’s oil capacity. Tar sands are one of the most destructive fossil fuels on the planet: they release thrice as much greenhouse gas pollution levels as conventional oil. It is critical that construction of the Trans Mountain Pipeline is halted in its tracks. A powerful coalition has to be built of communities that would challenge the business corporate power behind these pipelines. The Canadian government has taken a wise decision to stop using further funds from the public domain for this over budgeted pipeline project. Yet, there are corporate that would muster loan guarantee up to ten billion Canadian dollars. Despite the massive threat to clean drinking water and a healthy climate, construction of this destructive pipeline expansion project is still planned to move forward.