Czech Utility CEZ Manages to Find Insurance After 2 Providers Exit from Coal Coverages
Insurers Generali Ceska Pojistovna and Ceska Kooperativa of the VIG group have reached an agreement with CEZ to end cover of the plants, the companies said.
“We are reducing our activities in insuring coal power plants,” Generali said in a statement, adding it was aiming to rapidly de-carbonize its portfolio.
Read more: Major Reinsurers Look to Exclude Coal from Treaty Policies, as Climate Pressure Grows
CEZ did not give details of its alternative solution.
“The trend is clear, this is after mutual agreement,” said CEZ spokesperson Ladislav Kriz.
“We have already set up a new system of insuring our coal plants from the next year onward. We will secure these end-of-life sources until they are definitely decommissioned.”
CEZ presented a strategy outlook last month planning to shut most of its coal capacity by 2030, cutting the proportion of coal in its production mix to 12.5% from 36%, and adding 6 gigawatts (GW) in renewable sources.
Coal has been in retreat in Europe and the United States as countries pledge to cut their carbon emissions.
On Sunday, the Group of Seven nations pledged to rapidly scale up technologies and policies that accelerate the transition away from coal, including ending new government support for coal power by the end of this year.
(Reporting by Jan Lopatka; editing by Mark Potter)
Related:
- TikTok Must Face Lawsuit Over 10-Year-Old Girl’s Death, Appeals Court Rules
- Insurtech Root, Goosehead Partner on Tech Integration for Independent Agents
- Mailing a Letter, in Context With Other Clues, Is Sufficient Cancellation – NC High Court
- Police Officer’s Family Sues Girlfriend Accused of His Death and Bars That Served Her