Berkshire investors vote down climate change report
Warren Buffett and Berkshire Hathaway shareholders overwhelmingly rejected a resolution at the annual shareholders' meeting that asked for a report into the risks global warming poses for insurance companies. Despite the resolution's sponsors having expert credentials, Buffett denied Berkshire's insurance business was at risk from climate change and refused to make a public statement calling for a reduction in fossil fuel use. According to a recent study by Asset Owners Disclosure Project, just over a half of the world's top 500 investors are taking action to mitigate climate risks in their investments.

Warren Buffett‘s Berkshire Hathaway shareholders voted overwhelmingly against a shareholder proposal to create a report citing the climate change risks for its insurance companies.

Buffett, the so-called “Seer of Omaha” for his company’s S&P beating returns, said he doesn’t think climate change creates serious risks for Berkshire’s insurance business and also refused to make a public statement in favor of reducing fossil fuel use.

Photo credit: Kent Sievers / Shutterstock

A study by Asset Owners Disclosure Project (AODP) recently found that nearly half of the world’s top 500 investors are doing nothing to mitigate climate risks in their investments. AODP CEO Julian Polter said pension funds and insurers that ignore climate change were “gambling with the savings and financial security of hundreds of millions of people.”

Warren Buffet's advice to shareholders at annual meeting: Avoid envy and costly fees. https://t.co/4A7q40ezAu — The Associated Press (@AP) April 30, 2016

For a deeper dive:

News: AP, Reuters, Daily Caller, Bloomberg

Commentary: Christian Science Monitor, Christina Beck analysis; CleanTechnica, James Ayre analysis

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