Octopus in the city image by Эльвина Якубова
23 US state Attorneys General blocked the insurance wing of the global climate police
After the States fired the first “Antitrust” volley across the bows, the largest insurance giants in the world ran for the exits. Within weeks, what was a 30 member alliance became a shell of a dozen minor insurance companies. The NZIA has effectively admitted defeat — announcing that members won’t need to set or report on their carbon targets. Phew.
In 2021 many stars of the insurance world rushed to join the global climate activist cartel — the Net Zero Insurers Alliance (NZIA) — which would have turned their industry into another branch of the global UN and WEF climate police. The plan was to make it hard for unfashionable businesses to get insurance unless they went “Net Zero” and followed the policies the UN and WEF billionaires wanted. Democracy be damned. This effectively would have dragooned the coal miners, airlines, farmers, and publishers — practically everyone who needs insurance, into setting “Net Zero” targets above and beyond their legal requirements. All businesses would have to say the right prayers to the Carbonista Gods if they wanted to get insurance. Lord help any company that spoke against the regime!
If the cabal succeeded they would effectively shift power from elected governments to the people who wrote the NZIA rules. In January the NZIA had 29 members with $8 Trillion dollars US in assets under management. They launched their new “targets” at Davos at the latest World Economic Forum (WEF) meeting with the billionaires on skiing holidays. How convenient? But the Republican state attorneys general started talking about “antitrust violations” and sent NZIA members formal legal letters in mid May — whereupon the insurance companies bolted.
To understand just how pervasive and insidious this scheme was, look at how one carbon software company enthusiastically described it. Insurers had to report on carbon emissions from their entire portfolio, which meant pestering all the companies they insure to get them to cough up the data . Then they could decide whether to drop the “big polluters” (like those legal companies providing the electricity they used), or badger them some more to reduce their emissions.
How can insurers reach net zero?
The first step in an insurer’s journey to reach net zero is to measure the carbon emissions from its own operations, investment portfolio, and underwriting portfolio. The former is the easiest part. To measure emissions from its portfolios, an insurer needs to gather data from the companies in them, including assets held by policyholders – a difficult feat for most insurers to do accurately and regularly. However, with the right data management tools, insurers can start to baseline the companies or entire industries in their value chain and identify the largest sources of emissions. Then it’s up to the insurer to decide whether to drop the biggest polluters from its portfolio or take steps to help them transition to net zero, such as by providing guidance and incentives in its underwriting or claims management to adopt low carbon technologies or processes.
Think of how much the whole free market concept has been destroyed. Instead of serving customers, entire industries are trying to change Earth’s weather. In this case the people meant to be helping others spread the costs of storms, floods and accidents become their Nanny-managers, ordering them to sacrifice cows to Gaia to stop the storms before they start.
The insurance companies would become defacto climate police
The scheme would only work if nearly every insurance company joined it — otherwise clients would just abandon the bossy companies for nicer ones. But all insurers ultimately need money, so they are no doubt badgered themselves by the biggest financial institutions in the world. See how this web of coercive power builds? NZIA may be effectively neutered for now, which is great news, but the Big Bankers and Billionaires are still out there colluding. The UNEP “Finance Initiative” managed the insurers cabal but it also manages the banker one — called the Net Zero Banking Alliance or variously known as GFANZ. The banker collective is the $100 Trillion dollar black hole starting to swallow national economies.
The best US Republican states are fighting back against the Bankers, and they’re pegging them back, but the battle is not over. BlackRock is singing a slightly different tune now to what it was a year ago. ESG has become a dirty word, but the coercion has almost certainly just gone underground. Larry Fink may not want to use the term anymore, but he has turned your pension fund into leftist activist machine, and the underlings at BlackRock are still bragging behind the scenes about how they “run the world” and buy off US Senators. Some states and investors are backing away slowly, but as long as $100 trillion dollars in assets are managed by a few guys who drink champers together at Davos, the free market, and democracy, is on life support.
Post Note: For those who don’t know much about the WEF, start reading here. It’s worse than you think. Some of the richest people in the world are here to help us, whether we like it or not. They are the “select few” touched as our saviours. Climate lockdowns are coming and you will need to ask permission to leave your 15-minute-suburb. They said that.
h/t to NetZeroWatch, BallyB