Group raises the alarm against insuring fossil fuel projects

A group of young climate justice activists, on Sunday, has raised an alarm on insuring of fossil fuel projects, disclosing the need to hold protests across Nigeria, to pressurise insurance companies to stop insuring fossil fuel projects, in order to minimise climate crisis.

According to the press statement signed by the National Coordinator Fridays For Future Nigeria (FFFN), Kingsley Odogwu, said the protests would take place in Lagos, Abuja, Port Harcourt and Delta between February, 26 to March 3, 2024.

“We will join global fight demanding insurance companies around the world and in Nigeria insuring fossil fuel projects such as  AIG, Tokio Marine, Zurich Insurance, the Linkage Assurance Plc, AIICO Insurance Plc and others to stop immediately and start taking actions on climate.

“Actions will hold in Lagos, Abuja, Port Harcourt and Delta from this Feb. 26 to March 3.

“All FFFN local activists and community members as well as university students will protest around the major cities in Nigeria demanding that these insurance companies take immediate actions to slow the climate crisis and support the urgent transition from dangerous fossil fuels to clean energy.

“Grassroots groups and activists from across the world are coming together to demand action; same events will be taking place in the UK, U.S. Japan, South Korea, Uganda, DRC, Nigeria, Switzerland, France, Peru, Colombia, Germany and Czech Republic.’’

According to him, the aim is to demand immediate halt to insuring new fossil fuel projects, phasing out support for existing coal, oil and gas projects, respecting human rights and supporting a just transition.

He said that 2023 was the hottest year since the records began; and extreme and violent weather events were increasing across every continent.

Odogwu said that burning fossil fuels was the number one cause of the climate crisis, and fossil fuel projects – coal, gas and oil – could not operate without insurance.

“This puts the insurance industry in a uniquely powerful position to have an impact on the future of our world.