As part of a bigger movement to hold oil giants accountable for their environmental atrocities, We the People On February 27, 2024, held a webinar on the theme “Examining Oil Company Divestment and Insurance for Fossil Extraction in Nigeria: Ecological and Human Rights Concerns”. The webinar sought to investigate the true motivations behind oil firms’ hasty divestment decisions in Nigeria, as well as the environmental, economic, and social concerns they present. The Webinar also addressed concerns that, despite the rising climate problem and its consequences for humanity, oil firms continue to find backers to insure their operations, which endanger the planet’s health.
The webinar educated communities and civil society activists about the environmental and ethical implications of insuring fossil fuel extraction, as well as the importance of holding oil firms accountable for ecological devastation before divesting from Nigeria’s Niger Delta.
Rachel Mander, a member of the Insure our Future campaign, drew attention on the critical role that insurance corporations, commonly known as the fossil fuel industry’s Achilles heel, play in exacerbating the current environmental and climate crises. Rachel emphasized that if insurance companies refuse to cover filthy sources of energy, global actors would be obliged to accelerate their transition to cleaner energy.
Highlighting the successes of the campaign to hold insurance companies to account for their roled in supporting fossil fuel extraction, Rachel announced that over 28 insurance companies have refused to support expansion of oil and gas projects including the East Africa Crude Oil Pipeline (EACOP), the Adani Coal Mine, and the Trans Mountain Expansion tar sands pipeline (TMX). This reflect the global impact and momentum gained in pressuring insurance entities to reconsider their involvement in environmentally destructive ventures. In response to the questions on how to identify insurance companies that fund particular fossil projects, Rachel advised approaching insurance companies with freedom of information requests, and other creative strategies. She also shared the demands of the campaign for insurance companies stop funding fossil projects, respect human right, and justly transition.
Tijah Bolton, executive director of Policy Alert, emphasized during his presentation that the divestment of oil companies in the Niger Delta is insured by large insurance companies. He stated that it was also vital to engage the businesses that fund divestments and hold them accountable for their role in supporting the fossil fuel industry.
Mr. Bolton further emphasized the need for transparency in the oil industry’s decommissioning and abandonment process, underlining that information is required for divestment to happen in a responsible manner. He stated that despite existing regulations in Nigeria, divesting international oil firms have flagrantly defied these policies, raising questions about their commitment to resolve the various environmental, livelihood, and social challenges that their activities have caused.
Mr. Bolton also stated that it is vital for communities and civil society to oppose any form of divestment that leaves a legacy of destruction and harm for indigenous people. He argued that divesting oil firms are responsible for correcting environmental damage and livelihood losses that can be directly attributed to their actions.
The webinar concluded with a strong call to action to encourage insurance firms around the world to stop financing new oil and gas projects, as well as divesting IOCs to follow global standards and best practices in their divestment decisions.
