Massive Home Insurance Losses –Biggest Climate Stories  5/24/24

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According to new research from Counterpoint, China remains the top EV market. It is also among the fastest-growing. In the first quarter, China’s EV sales rose 28% year over year. The study includes battery EVs (BEVs) and plug-in hybrid EVs (PHEVs). US sales rose only 2% on the same basis. Global EV sales jumped 18% in Q1 2024, according to Counterpoint. “PHEV sales saw a significant rise with a 46% YoY growth, while BEV sales increased by just 7% YoY.” Climatecrisis247 believes that the EV market is not growing as was forecast a year ago. At that point, hybrid cars were not seen as the vehicles that would move the market forward. As of this point, the assumption that entirely electric car sales would explode is wrong

EV News –People Don’t Steal Them

New Climate Giant –Rolls Royce

The Federal Energy Regulatory Commission released new rules for the building of powerlines and helped with the expansion of green energy. In a new document titled “FERC Transmission Reform Paves Way for Adding New Energy Resources to Grid,” the regulators said, “at the end of 2022, more than 2,000 gigawatts of generation and storage were waiting in interconnection queues throughout the country.” Part of the plan is to get that capacity only quickly. It also called for “increased financial commitments for interconnection customers.” This will increase the rate at which renewables contribute to electricity generation. Climatecrisis247 believes these efforts will only be as realistic as the access to capital for infrastructure upgrades is. There is no guarantee that utilities and other organizations that provide for these costly projects.

Banks Finance Billions For Fossil Fuels

 The 15th annual Banking on Climate Chaos report says, “The 60 biggest banks globally committed $705 B USD to companies conducting business in fossil fuels in 2023, bringing the total since the Paris agreement to $6.9 T.” The authors added, “In 2023, JPMorgan Chase ranks #1 as the worst financier of fossil fuels. The bank increased its financing from $38.7 billion in 2022 to $40.8 billion in 2023.” Climatecrisis247 believes that, if the data is correct, it is an example of how businesses continue to put profits ahead of efforts to solve the problems that contribute to the climate crisis. There is nothing new about this. 

Home Insurance Rates Soar

The New York Times ran a long and exhaustive article about the effects of climate change insurance rates. Titled .” As Insurers Around the U.S. Bleed Cash From Climate Shocks, Homeowners Lose.” Higher insurance rates used to be most likely in states hit by wildfires and hurricanes–Louisiana, California, and Florida.  That has now spread to 18 states where insurers lost money in 2023. “The growing tumult is affecting people whose homes have never been damaged and who have dutifully paid their premiums, year after year.” Climatecrisis247 believes that huge storms, which include tornados and floods, have become more violent, particularly in the middle of the country. Additionally, as the wildfires spread, the financial risk of these has spread with them. There is no better example than The Smokehouse Creek Fire in March, the largest in the state’s history.

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