By Madelyn Beck -- Inside Energy
California’s Insurance Department says insurance companies working in-state must report carbon-based investments.
“I don’t want to sit passively by and then discover in the near future that insurance company’s books are filled with stranded assets that have lost their value because of the shift away from the carbon-based economy,” says Insurance Department Commissioner Dave Jones, who also wants them to get rid of those assets.
Other states are pushing back. Twelve attorney generals from states -- including Utah, North Dakota and Wyoming -- signed a letter June 19th threatening legal action if the requirement stays. They call it "public shaming” and legally questionable.
Six state insurance commissioners agree, calling a potential coal industry decline “mere speculation.”