In California, Insurance Commissioner Dave Jones has begun what he’s calling the Climate Risk Carbon Initiative. Arguing that because of climate change investments in fossil fuel energy production are endangered, he’s pushing to force insurance companies to disclose those investments.
Of course, once they disclose, they can then come under pressure to divest from fossil fuel endeavors by bullying left wing activists.
But a group of thirteen Attorneys General, led by Oklahoma’s Mike Hunter, is warning Jones in a letter that they may sue if the initiative continues. North Dakota’s Attorney General Wayne Stenehjem is one of the signatories.
Here’s how the AG’s describe what California is doing in their letter to Jones (see it in full below):
They go on to note that, while Jones claims that investments in fossil fuel companies are risky, he does not raise similar concerns over investments in green energy companies which have a rather lengthy track record of failing:
Finally, they warn that California is probably violating the commerce clause of the Constitution, arguing that Jones’ actions aren’t intended to regulate the insurance industry in California but rather to diminish capital available for fossil fuel energy development nationally. Remember that it’s Congress, not any state, which is granted the authority to regulate interstate commerce.
Here’s the full letter:
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