If you do an Internet search of “climate liability insurance“, you will quickly find that it is one of the latest schemes being promoted by insurance companies, banking and even fossil fuel companies to curb “dangerous climate change”. Here they stand to make huge piles of cash by claiming CO2 is causing bad weather. It’s the latest proposed scam to shake down hundreds of billions from consumers and the poor.
Switzerland’s Neue Züricher Zeitung NZZ (New Zurich Newspaper) has a commentary on the “merits” of climate liability insurance.
It works as follows: The “fact” that greenhouse gas CO2 is responsible for storms and thus the property damage they cause is pushed. Fossil fuel companies (at the start of the CO2 supply chain) are held liable for the resulting “climate damage”, and so are forced to buy climate liability insurance. In such a scheme the premiums are based on how much fossil fuel production each company is responsible for. Based on complex calculations, a figure of 15 dollars per tonne of CO2 would be payable by fossil fuel producing companies, in total 400 billion dollars annually. The huge costs added would then be passed along to the consumers and the poor, who find themselves at the bottom of the fossil fuel energy chain.
So what would happen to the 400 billion dollars in premiums that would be collected annually? The NZZ writes: “National, regional and local authorities would have the right to apply for compensatory damage payments because of storm damage to infrastructure” and “A part of the premiums would be invested in projects for the prevention of climate damage; financial instruments (e.g. catastrophe bonds and Green Climate Fund) are already available.” That means green energy companies.
In the end this all has the same effect as a hefty tax on the poor and middle class. Naturally big banks and insurance companies are salivating, as are green energy companies, governments and fossil fuel companies because they stand to profit handsomely.
The NZZ writes that climate liability insurance would be easier to implement because the scheme would not require any international treaty. Moreover, fossil fuel companies would have few qualms about playing along as they would have a good excuse to jack up energy prices. The NZZ:
Climate liability insurance functions when a number of relevant companies start using it. The pressure to play along would successively build up– through appropriate laws in individual countries and foremost because more and more companies, NGOs, and consumers would demand manufactured products be made with insured fossil fuels.”
In the end consumers would be willing to pay more because of having been tricked into believing they are improving the weather.
What would consumers really get in return? They’ll never see any perceptible changes in weather – perhaps a few hundredths of a degree less warming. Many consumers of course will complain about the dubious charging. But no problem, proponents will always be able to claim that the weather would have been worse had the consumers not paid the costs of climate liability insurance. Making tonnes of money with the weather has never been easier. The only thing that is needed are masses of gullible suckers who stand ready to believe anything.