Big money enters global warming battle
Date: Monday, July 05, 2004 @ 23:08:48 GMT
Topic: Investors

Swiss Re, the world's second-largest reinsurance company, recently warned that the costs of natural disasters caused by global warming is threatening humanity with a catastrophe of its own making.

Not only has Swiss Re been sponsoring documentary films about the problem that many of us have seen, but also it has been in discussion with almost 300 banks and investment companies with well over $1 trillion in assets. The purpose is to get the message across that stocks of corporations which are causing massive carbon dioxide releases will be sold off if action isn't taken to turn the situation around.

As the value of oil company stocks for instance begins dropping, investment companies will support CO2 neutral energy technologies. Green alternatives to fossil fuels should get a rapid boost from such a strategy.

In its report on how climate change is nearing the top of the corporate agenda, Swiss Re said the climatic disasters threaten to double to $150 billion per year in 10 years.

Reinsurers like Swiss Re insure insurance companies against catastrophic losses and if it deems ocean front homes for instance as too risky to insure because of rising sea levels then no insurance will be available for those people.

Global warming is expected to trigger increasingly frequent and violent storms, heat waves, flooding, tornadoes and cyclones while other areas get colder and dryer. Sea levels are continuing to rise, glaciers retreat and snow cover decline.
(Source and Common Ground magazine, Ca)

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