State lawmakers pursue 'polluters pay' bill against insurance companies: 'People are very directly seeing their premiums rise'

state lawmakers pursue 'polluters pay' bill against insurance companies: 'people are very directly seeing their premiums rise'

State lawmakers pursue 'polluters pay' bill against insurance companies: 'People are very directly seeing their premiums rise'

Connecticut is considering a new law that could transform funding for fossil fuel projects and climate protections.

Grist reports that a new bill would penalize any insurance company that insures Connecticut-based fossil fuel projects with a fee. The funds would then be used for a "public resilience fund" that could help construct sea walls and other protections against climate disasters. The bill has already moved forward from a committee vote in the Connecticut State Senate.

"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, which supports the bill. "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."

If approved, the bill could lead to fees on insurers who cover existing gas- and oil-fueled power plants as well as new fossil fuel projects like pipelines and fuel terminals. "I think it's a good policy, but from a narrative-setting perspective, it's really important," Swan reiterated.

Since insurance policies are rising in areas at risk of further climate disasters, such as hurricanes and wildfires, it makes sense to introduce these kinds of "polluters pay" laws to help offset the costs of protecting populations from extreme weather events.

"There's a direct question there of, why aren't state-level regulators using more of their power to take local action?" said Risalat Khan from the Sunrise Project, a nonprofit focused on energy transition policy.

Watch now: Alaska Airlines director shares how 6,000 fliers earned extra miles by buying ... jet fuel?

Khan also noted: "People are very directly seeing their premiums rise, in relation to climate disasters."

Connecticut is not the most disaster-prone state, but considering it received over $500 million in federal assistance between 2011 and 2021, the resilience fund would have a clear value.

If approved, the Connecticut law will be one of several promising developments around the world that will help keep civilians safe from natural disasters.

Should insurance companies be allowed to refuse coverage to certain homeowners?

YES

NO

Click your choice to see results and speak your mind

Japanese scientists are creating a self-powered sea wall system that can protect populations from tsunamis. Elsewhere in the U.S., architects are making nearly indestructible homes to withstand major weather events, and organizers are helping local communities prepare against natural disasters.

state lawmakers pursue 'polluters pay' bill against insurance companies: 'people are very directly seeing their premiums rise'

Join our free newsletter for cool news and actionable info that makes it easy to help yourself while helping the planet.

State lawmakers pursue 'polluters pay' bill against insurance companies: 'People are very directly seeing their premiums rise' first appeared on The Cool Down.

OTHER NEWS

18 minutes ago

Vladimir Putin visits Kim Jong Un in Pyongyang to sign defence pact

18 minutes ago

Five NHL restricted free agents who could receive an offer sheet

22 minutes ago

Calgarians find ways to cool down amid water restrictions

22 minutes ago

Burrowing marmots undermining homes in West Kelowna neighbourhood

22 minutes ago

Five young Colts players poised for ‘breakout years’ ahead of 2024 regular season

22 minutes ago

Flyers Have Clear Idea Of What They Hope To Get Out Of 2024 Draft

22 minutes ago

Energized Austria wins, Poland eliminated from Euro 2024

22 minutes ago

‘Embarrassing’: Joe Biden prepping ‘so far in advance’ of presidential debate

22 minutes ago

Early targets and old faces: Who is next for Wales?

22 minutes ago

Hundreds gather waiting for the sun to rise at the summer solstice celebrations at stone henge 2024.

22 minutes ago

Laffer Tengler CEO: Fed will cut rates this year

22 minutes ago

Bugatti's new £3.2m hypercar: Tourbillon to arrive in 2026 with 1,800hp HYBRID power

22 minutes ago

Beauty and the Geek star mercilessly mocked over his dance moves live on air: 'You looked like you were in a top-load washing machine'

22 minutes ago

Former NRL and boxing star Anthony Mundine faces court over 'oppressive' charge of not complying with a COVID notice during pandemic

22 minutes ago

Adelaide: Neighbours at breaking point as they call for action over home of 'extreme' hoarder who lives in a caravan because her house is uninhabitable

22 minutes ago

WNBA rookie Angel Reese makes double-double history

25 minutes ago

Taylor Swift wows fans as Eras tour comes to London

27 minutes ago

Former NRL and boxing star Anthony Mundine faces court over 'oppressive' charge of not complying with a COVID notice during pandemic

27 minutes ago

Gemma Arterton puts on a leggy display in black sheer dress as she walks the red carpet at the Filming Italy festival

28 minutes ago

Edmonton Oilers fan who flashed her boobs joins PLAYBOY after going viral

28 minutes ago

Ryan Garcia claims Drake 'killed' fellow rapper XXXTentacion in latest bizarre rant after being banned from boxing for a year in wake of failed drugs test

28 minutes ago

Katy Perry flashes her taut midriff and teases pink thong as she previews new song - amid Ozempic speculation

28 minutes ago

Hilary Duff runs errands in a red floral top with 1-month-old baby girl Townes Meadow strapped to her chest in LA

28 minutes ago

McKenna could sign an exciting talent who'd thrive with Broadhead

28 minutes ago

Romano - 50,000-per-week Chelsea starlet seen as "important" for Maresca

28 minutes ago

Michael Owen outlines where Arsenal need to improve to become Champions League contenders

28 minutes ago

Japan vs England: Kick-off time, TV channel, live stream, team news, lineups, venue, odds today

28 minutes ago

Is it illegal to unplug an EV while it’s charging?

28 minutes ago

3 underrated Amazon Prime Video movies you should watch this weekend (June 21-23)

30 minutes ago

Westmead Hospital Sydney: Security guards stabbed and nurse injured as man allegedly went on violent rampage

30 minutes ago

Meet the world's hottest horse farrier: Tattooed 'hoof guy' captures hearts around the world as they get hot under the collar watching his videos: 'It's like soft porn'

30 minutes ago

Shocking moment a banned driver reverses over two elderly sisters as they walked across a pub car park arm-in-arm and were left with life threatening injuries

30 minutes ago

S&P/TSX composite index closes down, U.S. markets mixed

30 minutes ago

FEMA's disaster relief fund will run out of money by mid-August, Mayorkas says

32 minutes ago

Chicago homeowner fights off burglar with frying pan: ‘My wife’s not happy about the decision I made’

33 minutes ago

Argos defensive lineman Ceresna looking forward to facing Edmonton Elks

33 minutes ago

23-year-old new mom attempts to become 1st woman to win gender-neutral title in ACL cornhole event

33 minutes ago

Biden and Trump prepare for the first 2024 debate

33 minutes ago

Seeing is believing? Not necessarily when it comes to video clips of Biden and Trump

33 minutes ago

Phillies host the Diamondbacks in first of 3-game series