From The Heartland Institute:

According to a recent study by Steven Greenhut, the Western region director for the R Street Institute, available data do not support Jones’s concerns. Coal represents less than 1 percent of the California insurance industry’s investments, Greenhut’s July policy study shows, so even for the insurer that is most heavily invested in fossil fuels—life insurer TIAA-CREF—its coal investments constitute a meager 1.76 percent of its assets.

“It’s hard to make the case the divestment request is based in solvency concerns, not political ones, when coal-related investments pose such a small risk to insurers’ fiscal health,” Greenhut said.


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