An Act To Require Insurers To Address Climate Risk In Their Business Activities

This bill requires Maine insurers to report annually on their investments and underwriting related to fossil fuels, starting in 2026. Insurers must disclose details about any investments in companies deriving 10%+ revenue from oil, gas, or coal activities, along with associated emissions data. The law prohibits insurers from underwriting new fossil fuel projects (like pipelines, wells, or mines) and mandates alignment with science-based climate targets. These reports will be publicly posted online, directly affecting all insurers operating in Maine. The bill aims to reduce climate risk exposure by shifting financial support away from fossil fuel expansion.