AFP via Getty Imagesfrom oil executives in return for a promise to scrap Biden’s climate policies has anything to do with major insurers like Allstate and State Farmin states like California, Florida, and Louisiana. Unfortunately, they overlap in a dangerous nexus – extreme climate change risk driven by fossil fuel pollution is behind the insurers’ decisions.
Tens of thousands of California homeowners are facing similar issues, but it’s not just a California problem. Extreme weather is driving unprecedented levels of property damage nationally, leading insurance companies to flee markets across the country. In states like Louisiana, Florida, and parts of the Midwest and Southwest, residents cannot obtain insurance, or the premiums have become so prohibitive that they are forced to go without. More than– a quarter of U.S.
This financial burden doesn’t even account for the human suffering of people losing their homes. The U.S. Census Bureau estimatedis evident: 85% of Democrats attributed extreme weather to climate change, compared to only 35% of Republicans. Similarly, 69% of Democrats prioritize climate change in elections, versus just 13% of Republicans.
President Biden called climate change a “clear and present danger” and two years ago signed the Inflation Reduction Act, designed to drastically America’s reliance on fossil fuels by providing incentives for consumers and companies to choose clean energy technologies. The IRA is designed to accelerate the clean energy transition, including zero-emission vehicles and onshoring manufacturing of the clean energy technologiesof investment in the global marketplace last year.