Ralph Regenvanu and Avinash Persaud make perfect sense, arguing that current climate risk insurance policy practices are immoral.
Take the insurance model championed by many industrialised countries and agencies. Island states on the front line are being asked to take on additional insurance against the future losses and damage of a climate change …
Imagine if the only people who had to pay for car insurance were those who were hit by other people, and those that did the hitting paid nothing. Right now the communities paying for climate change are mostly the poor, who live in the world’s most precarious places. This is untenable, indefensible and reprehensible. We need a different approach than the traditional insurance model.
The idea of taxing the fossil fuel industry is an economically sensible approach, and a moral approach. This industry has spent decades fueling climate denial while making profits. In 2017 alone the top six oil companies made $134 billion in profit. A climate damages tax should be established forthwith.
We will only stop climate change by making those who contribute to it pay for it. More talk, more conferences, more insurance where the victims are asked to pay by installment, will not do the job. [emphasis mine]