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CA Department of Insurance

Trump’s withdrawal from Paris Climate Agreement is irresponsible

News: 2017 Press Release

For Release: June 1, 2017
Media Calls Only: 916-492-3566
Email Inquiries: cdipress@insurance.ca.gov
Trump’s withdrawal from Paris Climate Agreement is irresponsible
Insurance Commissioner Dave Jones pledges continued leadership in state’s climate change initiatives
SACRAMENTO, Calif. — Insurance Commissioner Dave Jones issued the following statement in response to President Trump's Paris Climate Agreement announcement:

"President Trump's decision to withdraw from the Paris Climate Agreement will be recorded in history as one of the worst abdications of United States leadership. The United States has contributed more than any other country to the atmospheric carbon dioxide that is scorching the planet. As California has demonstrated time and time again, the United States also has the ability to reduce carbon emissions significantly while continuing economic growth. California will continue to lead on addressing climate change despite the president's decision. Whether it's renewing cap and trade, increasing energy conservation and efficiency, moving toward a 100 percent renewable energy portfolio, increasing use of electric and other non-greenhouse gas emitting vehicles, or any of the other climate policies we have undertaken—California will work with other nations, provinces, states, localities, businesses, and investors to meet the Paris Climate Agreement objectives while President Trump sticks his head in the sand.

As a financial regulator charged with making sure that insurance companies are making sound investments that, at a minimum, retain value so they have assets to pay future insurance claims, I will continue to require insurers to disclose publicly their investments in oil, gas and coal because of the financial risk that these carbon assets will become stranded assets of declining value as the world continues, despite the president, to move away from burning carbon. So, too, I will continue my first-in-the-nation request that insurers divest from thermal coal because of the immediate financial risk facing investments in the wake of markets, businesses, and governments restricting or reducing the use of thermal coal.

No one person—not even the president of the United States—can stop the progress being made in California and throughout the world in addressing climate change. While this day will be remembered as one where President Trump ignored science and was willing to place the future of the world at risk for political gain, it will also be remembered as a day when people throughout the United States renewed their commitment and dedication to addressing climate change with California leading the way."

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The California Department of Insurance, established in 1868, is the largest consumer protection agency in California. Insurers collect $289 billion in premiums annually in California. Since 2011 the California Department of Insurance received more than 1,000,000 calls from consumers and helped recover over $394 million in claims and premiums. Please visit the Department of Insurance web site at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800.927.HELP or 213.897.8921. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.

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