Stop Coal, Oil & Gas Industry from Ending Climate Risk Work

The Fresno County Democratic Central Committee has not endorsed any candidate in this race.

Climate change is real. And it poses real risk to the financial sector, including the insurance industry.

That’s why I required insurers to disclose their investments in coal, oil, and gas.

But insurers and the coal, oil and gas industry have obtained a hostile amendment to Senate Bill 488– an amendment that would stop me from surveying insurers about climate risks.

Climate-related risks include financial risks to investment assets. Investments in coal, oil and gas face the risk of decreasing in value and becoming “stranded assets” as markets and governments potentially move away from relying on coal, oil, and gas for energy and instead rely more on renewable energy sources.

One of my most important responsibilities as your Insurance Commissioner is to make sure insurance companies are investing your premiums in investments that will retain value, so there is money available to pay insurance claims.

I am the first Insurance Commissioner to to ask insurers to publicly disclose their investments in coal, oil and gas, and to voluntarily divest from coal because of the risk that it will become a “stranded asset.”

The coal, oil and gas industry struck back when 12 oil, gas and coal state Attorneys General threatened to sue me if I did not stop asking insurers about their investments in coal, oil and gas.

They don’t have a legal leg to stand on and we told them so. So now they are trying to stop me through the amendments to SB 488.
Join me in opposing the amendments to SB 488.  Sign our petition which asks the Assembly Appropriations Committee to amend SB 488 to remove the amendments at Section 7 of the bill. 

Act now!  The Assembly Appropriations Committee will decide this Friday what to do with SB 488. Join me in opposing the insurance, coal, oil and gas industries effort to stop me from addressing climate risk!

Sincerely,

DAVE JONES
Insurance Commissioner