28 June 2013 (Reactions) – Insurers and reinsurers have welcomed a new initiative to combat climate change, announced by President Obama early this week, which includes a proposal to convene an insurance sector group to focus on best practices and processes for assessing climate risk.
The insurance market has reacted positively to the news that the Obama administration is focused on combating climate change.
The president has announced sweeping proposals to implement climate change regulations through executive orders, effectively bypassing Congress and reducing the chances for the measures to be halted by legislative gridlock.
The “President’s Climate Action Plan”, which was released following a speech by President Obama to students at Georgetown University on June 24, is designed to cut carbon pollution in the US, prepare the US for the impacts of climate change and to ensure that the US leads international efforts to combat global climate change and to prepare for its impacts.
At his speech at Georgetown President Obama called for carbon pollution standards for existing power plants, the strengthening of communities through climate adaptation and resiliency, and the scaling of renewable energy and energy efficiency. [more]