By Jo Nova

Make no mistake, the UN “finance” cartel is the supermassive black hole at the centre of the climate-mafia galaxy.

The UN Environment Programme brags that across insurance, banking and investing, it has over 450 members representing more than $100 trillion dollars worth of carrots and sticks to beat up politicians and businesses with. These are the cogs and levers of the halls of global power.

It’s a UN programme, but the first “target setting” rules were launched at Davos at the latest World Economic Forum (WEF) meeting — the skiing holiday for corporate rulers and their celebrity minions.

Just like the bankers and asset fund managers, in 2021 many Insurance giants had rushed to join the global climate activist cartel designed for their industry  — the Net Zero Insurers Alliance (NZIA) — which would have turned the insurance industry into another form of climate police answerable to the UN or the WEF. But it’s all coming undone now, thanks to the 23 US States who are pressing the Antitrust button. I mean, imagine if all the competitors in an industry got together to force political changes that the voters hadn’t voted for…

What if those companies colluded to make it hard for one type of energy business to get insurance? What if companies that profit from fear itself colluded to amplify fears?

The NZIA behemoth is a part of the UN Glasgow cabal set up by former head of the Bank of England, Mark Carney. If they got away with this, the world would be just that much closer to One World Government — where unelected bureaucrats effectively “make the rules” and boss around the national governments.

Five of the eight founding signatories have left. Including Swiss Re, Munich Re , Zurich Insurance  and Hannover Re ,

LONDON/FRANKFURT, May 25 (Reuters) – A United Nations-convened climate alliance for insurers suffered at least three more departures on Thursday including the group’s chair, as insurance companies take fright in the face of opposition from U.S. Republican politicians.

At least seven members of the Net-Zero Insurance Alliance (NZIA), which launched in 2021, have now left including five of the eight founding signatories.

Departures on Thursday included AXA , whose Group Chief Risk Officer Renaud Guidée had chaired the alliance. The French insurer said in a statement it was leaving to “continue its individual sustainability journey.” Germany’s Allianz (ALVG.DE) and French reinsurer SCOR (SCOR.PA) also quit.

The media may try to downplay things but the critical factor here is that 23 US state attorney generals sent NZIA members a letter on May 15th.

Insurers which have left the NZIA, including say their exits will not change their individual commitments to addressing climate change.

Munich Re made it clear it was leaving because of the antitrust issue:

While other insurers didn’t provide specific reasons for their withdrawal, Munich Re made it clear. “The opportunities to pursue decarbonization goals in a collective approach among insurers worldwide without exposing [them] to material antitrust risks are so limited that it is more effective to pursue our climate ambition to reduce global warming individually,” said CEO Joachim Wenning in the firm’s announcement of the exit.

There’s nothing to stop these insurance companies chatting after canapes and champers at the next WEF meeting, but they can’t be openly colluding and that’s a step in the right direction. If some foolish insurers refuse to insure oil and gas development it won’t matter much as long as there are enough competitors to step in and take up their contracts. The danger of an industry-wide cartel is that insurers could de facto enforce policies that suit their billionaire backers against the wishes of the people.

And that is exactly what NZIA appears set up to do. The Lloyds boss is saying the rules are too harsh and the whole thing will fall apart if they don’t back off.

By Tommy Wilkes and Greg Roumeliotis, Reuters

In response, Lloyd’s Chief Executive John Neal told Reuters the exits should lead to a rethink about what it means to be a member of the group.

“There are five objectives, and you have 12 months to meet one of them and 36 months to meet three of them. NZIA need to have another look at what their objectives are or the alliance will fall apart.”

General Reyes (Utah AG) explains why they sent the May 15 letter from 23 US States:

Brianna Herlihy, Fox News.

“The ESG movement has spread to every corner of the world’s financial and energy sectors, and unsuspecting Americans are paying the price,” Reyes said…

“Insurers have an obligation to protect the interests of their clients, not advance a radical environmental agenda. Utah is taking a stand against these efforts to stop the increased prices and other harms these horizontal agreements will cause,” he said.

Under antitrust laws, agreements not to do business with disfavored sectors – such as those that do not meet certain carbon emissions standards – could be an illegal boycott. Likewise, collective agreements to fix prices or restrict production are also illegal. NZIA members wield enormous market power, and their actions threaten to dramatically raise prices for consumers, according to the AGs.

The AGs said they have “serious concerns about whether these numerous requirements square with federal law, as well as the laws of our states, as they apply to private actors.”

“Under our nation’s antitrust laws and their state equivalents, it is well-established that certain arrangements among business competitors are strictly forbidden because they are unfair or unreasonably harmful to competition,” they wrote.

“For example, ‘an agreement among competitors not to do business with targeted individuals or businesses may be an illegal boycott, especially if the group of competitors working together has market power,’” they said, adding that collective agreements to fix prices or “restrict production, sales, or output” are illegal.

Ponder that the UN-WEF-banker cabal was roping the insurance companies into forcing “science based” carbon targets on every industry that needed insurance. Then remind yourself that the UN communications chief bragged last year that “we own the science” and she’s teamed up with Google.

“…(the Protocol) will enable NZIA members to begin to independently set science-based, intermediate targets for their respective insurance and reinsurance underwriting portfolios in line with a net-zero transition pathway consistent with a maximum temperature rise of 1.5°C above pre-industrial levels by 2100. With the launch of the Protocol, existing NZIA members are required to set and disclose their initial target(s) by 31 July 2023.  “

Version 1.0 of the NZIA Target-Setting Protocol

So the UN WEF Banker cabal could effectively make anyone do anything if they call it “science” and sack all the skeptics.

Thank the Lord for the US Republican state power, and ask, where are the rest of our elected politicians?

REFERENCES

NZIA Home page: ” NZIA members have committed to transition their insurance and reinsurance underwriting portfolios to net-zero greenhouse gas (GHG) emissions by 2050.”

 

Attorney General Sean Reyes, Utah Asks Insurance Group to Disclose ESG Commitments

 

 

 

 

 

 

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