By Last night, Manhattan’s business elite gathered at a prestigious black tie gala for the National Committee on U.S.-China Relations, where millionaires and top executives from coal companies, insurance companies and banks got together to share cocktails and receive awards for their so-called “business leadership.” But there’s nothing to celebrate when these leaders’ business choices are driving the climate crisis.
Dolled-up attendees were greeted by a lively picket as they entered the reception. New York City-based grassroots activist group, Planet over Profit, refused to let CEOs and other wealthy executives get away with celebrating while they’re destroying our future.
They were there to demand another New York resident, Chubb Insurance CEO Evan Greenberg, stop insuring methane gas. Chubb was a leading sponsor of the event and Greenberg introduced the gala’s honoree (and was himself a previous honoree for his longtime role as the Executive Vice Chair of the NCUSCR Board). He also happens to be the highest-paid insurance CEO in the country, making over $27 million a year.
“Evan Greenberg claims to be a climate leader but Chubb is one of the biggest fossil fuel insurers in the world and continues to insure methane export terminals that are wreaking havoc on Gulf communities and unleashing more deadly hurricanes. We challenge Mr. Greenberg to demonstrate true climate leadership by dropping coverage for dangerous fossil fuel projects, like Cameron LNG and Freeport LNG.” – Ricky Gonzalez, People Over Profit
The event comes just one week after Hurricane Milton tore through Florida and two weeks since Hurricane Helene devastated North Carolina, where hundreds of thousands continue to survive without electricity and running water. Everyday people are paying the incomprehensible price for climate chaos right now from back-to-back record-breaking hurricanes; they’re struggling to make ends meet, pay rent even in unlivable conditions, and restore their livelihoods, while their insurance companies deny their claims. Yet, the very financial institutions sponsoring the event like Chubb, Citi, and Blackrock continue to fund and insure breakneck oil and gas expansion that’s driving these catastrophes. While people are facing staggering rent costs and rising grocery prices, a ticket to this luxurious event cost $5,000 a pop.
Chubb was named and shamed because of their role in continued methane gas (aka liquefied “natural” gas or LNG) expansion. As the United States grows its role as a gas exporter, climate activists have set their sights on stopping the expansion because of the risks methane poses to air, water, and community health — with recent studies showing that emissions from LNG are worse than any other fuel.
Insurance executives like Greenberg hold a disproportionate amount of wealth, and considerable political economic and financial power as fossil fuel infrastructure needs insurance to operate, yet they refuse to use their influence to cut ties with fossil fuels. We’ve started to see results from Chubb: they were the first US insurer to adopt an oil and gas policy, and this year ruled out Rio Grande LNG in response to pressure from grassroots communities and allies. Now is the time to keep the pressure up to get Chubb to rule out other methane gas terminals like Freeport LNG and Cameron LNG — and end support of all methane once and for all.
As insurance company leadership begin to see the social risks for enabling continued oil and gas expansion, we can only hope they take immediate action to stop insuring fossil fuels and curtail the catastrophic risk of climate destruction.
DEMAND CHUBB STOP INSURING METHANE
