The evolving social credit corporate system uses a small entangled oligarchy to impose leftist politics. Political compliance is the price of doing business with the oligarchy. And sometimes there are options and sometimes there aren’t.
Chubb/Ace has decided to get into the eco-extortion game. And it should face direct consequences from conservative state governments.
Global insurer Chubb Ltd. is tightening its requirements on insurance policies for oil-and- gas producers, demanding that they reduce emissions of methane, a potent greenhouse gas.
Chubb which is a top-10 insurer in the worldwide oil-and-gas market by premium volume, will also stop underwriting projects in areas designated as protected by state, provincial or national governments, effective immediately.
The company has been under pressure from climate activists, who have targeted banks and insurers to cut off funding and insurance coverage for fossil-fuel companies. Chubb’s actions fall short of their demands to quit sales to oil and gas producers.
Chubb Chief Executive Evan Greenberg said in an interview that the carrier’s move wasn’t motivated by activists’ pressure. The insurer’s plan is a “science-based and technical way” to help with carbon reduction, he said. As an underwriter, Chubb will be able to verify that clients are taking the required steps. “If not, then we won’t underwrite them,” he said.
It’s not Chubb’s job to enforce compliance with a political agenda. Chubb’s decision to embed an environmental social credit system into its business model is an attack on free enterprise. Complying with Evan Greenberg’s political views should not be a qualifier for doing business with Chubb.
Red state governments doing business with Chubb should react accordingly.