“The Sherman [Antitrust] Act is pretty explicit about restraint of trade, which is exactly what they’re doing here by denying insurance to companies that they think aren’t doing the right thing when it comes to climate change and getting to a net zero future.”
https://www.zerohedge.com/geopolitical/lloyds-becomes-latest-firm-exit-uns-net-zero-alliance
BY TYLER DURDEN
Authored by Naveen Anthrapully via The Epoch Times,
Insurance company Lloyd’s of London has announced its exit from a net-zero alliance for insurers – the sixth such organization to have pulled out from the initiative within a week.
The Net-Zero Insurance Alliance (NZIA), convened by the United Nations, seeks to commit group members, composed of the world’s leading insurers and reinsurers, to fighting climate change. As part of this, members have to transition their insurance and reinsurance underwriting portfolios to net-zero greenhouse gas (GHG) emissions by 2050. On Friday, Lloyd’s of London quit the NZIA. This took the total number of members who have quit NZIA this week alone to six, which represents a fifth of the organization’s total of 30 members. Since March, a total of 10 members have quit NZIA.
The exodus of major insurance companies has raised questions about NZIA’s viability. None of the six firms that quit this week have made it clear why they left the initiative.
The insurance firms are said to have decided to pull out due to concerns about getting embroiled in disputes about net-zero initiatives in the United States. On May 15, attorneys generals from 23 American states sent a letter to 28 insurance companies asking for information about potential violations of antitrust laws.
Violating Antitrust Laws
In the letter, state AGs asked the firms to provide information regarding their membership in climate associations like the NZIA and the Net Zero Asset Owner Alliance (NZAOA), which is also sponsored by the United Nations.
“The insurance companies that are involved with this net zero program are, quite frankly, out on a plank, and they’ve sawed it off,” Robert Bork Jr., president of the Antitrust Education Project, said in an interview with The Epoch Times.
“The Sherman [Antitrust] Act is pretty explicit about restraint of trade, which is exactly what they’re doing here by denying insurance to companies that they think aren’t doing the right thing when it comes to climate change and getting to a net zero future.”
Just days before quitting, Lloyd’s Chief Executive John Neal had indicated that the NZIA could end up as a failure.
“There are five objectives, and you have 12 months to meet one of them and 36 months to meet three of them. NZIA need to have another look at what their objectives are, or the alliance will fall apart,” Neal said to Reuters.
On Wednesday, the United Nations Environment Programme (UNEP) admitted that four of the insurance firms that quit NZIA had done so due to “recent discussions within the United States.”
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