US Insurance Cops Under Pressure, Spanish Premier Calls for 'National Climate Pact', UK Railway Deploys Heat-Resisting Tech, and More

Activists staged protests at last week’s meeting of US state insurance commissioners, demanding officials sign an ethics pledge to help stop “climate profiteering” by underwriters amidst increasing extreme weather risks.

Organized by Public Citizen, a non-profit consumer advocacy group, the protest at the National Association of Insurance Commissioners (NAIC) in Minneapolis last week was intended to pressure state watchdogs to swear off financial and political entanglements with the insurers they regulate. Participants also delivered a petition with over 4,300 signatures urging increased transparency and the elimination of conflicts of interest between regulators and industry.

“While insurance companies are still making money in 90% of US zip codes, instead of using their strong financial standing to help people in their time of need, they have used climate change as cover to justify withdrawing coverage and spiking rates,” said Rick Morris, insurance campaigner with Public Citizen’s Climate Program. “As a result, insurance companies saw their most profitable year in history and outrageous CEO pay. There’s a word for this: profiteering. And there’s a solution to this: regulation.” 

Data from AM Best shows property and casualty (P&C) insurers recorded a US$22.9bn underwriting gain in 2024 — their first profit since 2020. However, data collated by the New York Times suggests that homeowners insurance was unprofitable in 18 states in 2023, up from eight in 2013. Many of these states are blighted by frequent severe storms and hail strikes, or wildfires.

Public Citizen argues that a “revolving door” between the insurance industry and regulators is enabled by “uneven and weak conflict of interest rules”, which in turn leads to looser consumer protections and a bias towards industry insiders. “Regulators, who should be watching out for ratepayers across the country, need to ensure they are putting the public ahead of the perks they receive from the industry,” said Morris.

In his keynote speech to the state insurance commissioners gathering, NAIC President Jon Godfread did not refer to climate or weather risks to insurers. But he did call out a recent P&C roundtable in California among state regulators on “the shifting catastrophe landscape” as an example of what “modern regulation looks like.”

The National Adaptation Plan (NAP) Expo, billed as the world’s biggest climate adaptation gathering, wrapped up in Lusaka, Zambia last week with a call for governments and financiers to close a US$300bn annual funding gap by 2030. Participants stressed that delayed investment means spiraling losses from crop failures, blackouts and disaster recovery. At the Expo, delegates from 80 countries advanced National Adaptation Plans, tried AI tools for climate resilience, and adopted new technical guidelines ahead of COP30 in Brazil. (UN)

Proxy advisers Institutional Shareholder Services and Glass Lewis are suing Texas over a new law that forces them to tell clients they have “subordinated the financial interest of shareholders” if they recommend votes against management on environmental, social or governance issues. Critics say the law is meant to muzzle financial advisors’ discussions of climate and other sustainability issues with investors. The state’s rules not only limit who can file shareholder proposals or lawsuits, but also attempt to regulate proxy advisers’ work even for companies headquartered in Texas, a departure from long-held governance norms. (Politico Pro)

The UK’s financial watchdog says its climate disclosure regime has pushed firms to better integrate climate risks but needs simplifying as global rules evolve. In a review of TCFD-aligned reporting by asset managers, insurers, and pension providers, the FCA found companies are more transparent and embed climate risk in decision-making, yet struggle with forward-looking data, comparability, and reporting burdens. Firms flagged disclosures as too complex for retail investors and asked for clarity on how TCFD rules will mesh with broader sustainability regimes. (FCA)

The European Union has teamed up with the United Nations Development Programme and UN Office for Disaster Risk Reduction to launch a €4mn (US$4.7mn) initiative aimed at boosting disaster resilience in the Caribbean. The program will enhance early warning systems and recovery planning in the nations of Belize, Grenada, St. Kitts and Nevis, and Suriname, with a focus on ensuring the systems are inclusive. It will also support better disaster recovery in Caribbean nations, including by training government officials in data-driven decision making following climate-related shocks. (UNDRR)

Flood adaptation measures in Europe, like early warning systems and emergency planning, have slashed economic losses by 63% and fatalities by 52% across the continent since 1950, according to a new study from the Potsdam Institute for Climate Impact Research. Their analysis of 1,729 flood events shows that while absolute damages have nearly doubled, GDP growth and adaptation efforts have dramatically reduced vulnerability, particularly in Western and Southern Europe. Still, researchers warn adaptation is hitting its ceiling. Climate-driven flood risks are rising and progress on adaptation has slowed over the past two decades, they say. (Potsdam Institute for Climate Impact Research)

Spanish Prime Minister Pedro Sánchez has called for a national climate pact to counter the escalating extreme weather shocks ravaging the Iberian peninsula. 

During a visit to the wildfire-hit regions of Orense and León, where more than 42,000 hectares have been scorched, Sánchez said addressing worsening climate shocks required improved coordination across all levels of government, regardless of political affiliation. 

“The climate emergency that’s ravishing the world is increasingly more accelerated, more severe and more frequent, especially in places like the Iberian Peninsula. We are going to propose a big nationwide pact for the mitigation and adaptation to the climate emergency,” said Sánchez.

Multiple blazes have engulfed southern Europe in recent days amidst brutally hot and dry conditions. Almost all of Spain was under an extreme wildfire risk watch as of Sunday. Madrid dispatched 500 additional troops to combat the blazes on Monday, on top of the 1,400 already deployed. Around 31,000 people have been evacuated from the homes since August 12, the Spanish Interior Ministry said.

Sánchez’s government has also triggered the European Civil Protection Mechanism, through which EU member states can request emergency assistance from other members of the bloc.

The Environmental Defense Fund and Union of Concerned Scientists are suing the Trump administration over what they call an unlawful, secretive effort to dismantle the Environmental Protection Agency’s (EPA) endangerment finding, the legal bedrock for US climate pollution rules. The non-profits claim that Energy Secretary Christopher purposely selected a small group of climate skeptics to form a “Climate Working Group” that drafted a report misrepresenting mainstream science. This was allegedly kept hidden until after EPA chief Lee Zeldin cited it 22 times to justify overturning the endangerment finding. The lawsuit argues the process violated transparency laws meant to prevent backroom advisory committees and seeks to enjoin the Climate Working Group now and going forward. (Environmental Defense Fund) 

Acting NASA chief Sean Duffy signaled a retreat from climate research, saying the agency will “move aside” its Earth science work to focus exclusively on space exploration. Speaking on Fox Business, Duffy — who also heads the Transportation Department — said all NASA science will now be directed toward exploration, framing climate studies as outside the agency’s mission. (The Hill)

Washington state is suing the Trump administration for allegedly withholding over US$9mn intended for climate resilience programs. State Attorney General Nick Brown argues the abrupt termination of two National Oceanic and Atmospheric Administration (NOAA) funding awards violates both the Administrative Procedure Act and the US Constitution. (Washington State Office of the Attorney General)

Australia’s federal government has quietly delayed the release of its first comprehensive National Climate Risk Assessment. Sources familiar with the analysis described its findings as “dire” and “diabolical,” with particularly extreme risks projected for agriculture, fisheries, and coastal communities. The modeling is expected to carry heavy fiscal implications for adaptation measures. (Australia Financial Review)

Thailand is close to passing its first Climate Change Act, a law that would cut emissions, fund adaptation projects, and boost access to global climate finance. The draft, which is under Cabinet review, includes the creation of a national Climate Fund to back resilience programs across six vulnerable sectors: agriculture, water, tourism, health, natural resources, and human settlements. Officials say the bill is urgent, pointing to rising flood disaster costs in the country’s north, where losses — especially in the tourism sector — are estimated at over 5 billion baht (US$154mn). (The Nation)

European Central Bank President Christine Lagarde has warned that proposed rollbacks to the EU’s Corporate Sustainability Reporting Directive (CSRD) could weaken the central bank’s ability to manage climate-related financial risks. In a letter to MEPs, Lagarde said narrowing the scope of companies required to disclose sustainability data would reduce the availability of firm-level information the ECB relies on to assess collateral risks and implement climate safeguards. She cautioned that delays in transposing the CSRD into national law, alongside changes to the Corporate Sustainability Due Diligence Directive, could further blunt the effectiveness of the ECB’s planned measures, including its upcoming “climate factor” for collateral. (ECB)

South Eastern Railway in the UK is rolling out a new thermal management technology that aims to keep trains moving during extreme heat events.

The IsoMat system, the brainchild of UK start-up Flint Engineering, cools railway signaling cabinets, which can break down in sweltering temperatures. These house important electronics that coordinate train movements and ensure railway network safety. Temperatures can soar past 70°C in the enclosures, leading to failures and service disruptions. 

A pilot study found the system, which requires no power, maintenance, or internal modifications to operate, resulted in peak temperature reductions of more than 21%. IsoMat leverages an easy-to-install aluminum design containing a mesh of sealed channels. When fixed on top of a cabinet, the system pulls heat from the interior and expels it. 

The railway will deploy IsoMat at 10 high-risk signaling cabinet sites along its Kent Route in southern England. More units will be rolled out in time for summer 2026.

Financial technology and exchange operator ICE is adding physical and transition risk analytics for over five million private companies worldwide, in an expansion of its multi-asset class climate data suite. ICE is leveraging the data company Dun & Bradstreet’s private company database and its own geospatial and climate risk models to offer comprehensive insights into these firms climate exposures and vulnerabilities, including to hazards like flood and wildfire. (ICE)

Oslo-based Saga Robotics has secured US$11.2mn to scale its Thorvald autonomous farming robots in the UK and US, betting on demand for precision agriculture as risks from plant diseases, exacerbated by climate change, continue to rise. Thorvald units are deployed on more than 150 farms, treating around 20% of the UK strawberry market and 1,300 acres of US vineyards. The robots deliver disease control via UV light and can gather precise data on flowers and fruit plants for farmers. (Thorvald)

Columbia University is partnering with the Smart Surfaces Coalition to develop three new tools to help US cities cool down, cut emissions, and curb flood risk. The suite consists of a benefit-cost analysis platform, a decision-support tool, and a policy tracker, giving city leaders visibility into how reflective roofs, porous pavements, trees, and other “smart surfaces” reshape urban resilience. New modeling shows that scaling smart surfaces across 10 major US metropolitan areas could unlock US$34.8bn in infrastructure savings and manage 969 billion gallons of stormwater. (Columbia Law School’s Sabin Center for Climate Change Law)

The University of California San Diego has launched the Wildfire Science & Technology Commons, a new platform aimed at tackling the increasing severity of wildfires through advanced data sharing and collaboration. This initiative, supported by the National Institute of Standards and Technology, integrates data, models, and AI to facilitate innovation in fire management and enhance preparedness.  (UC San Diego)

Future heat-related mortality in Europe driven by compound day-night heatwaves and demographic shifts (Nature Communications)

Attribution of flood impacts shows strong benefits of adaptation in Europe since 1950 (Science Advances)

Human emissions drive recent trends in North Pacific climate variations (Nature)

Partial flood defenses shift risks and amplify inequality in a core–periphery city (Nature Cities)

A systemic risk assessment methodological framework for the global polycrisis (Nature Communications)

Evaluating how climate adaptation measures affect the interconnected water-energy resource systems of the Western United States (Earth's Future)

Geopolitical risk and firm climate change risk (Finance Research Letters)

Modelling the impacts of future climate variable changes on rainfed maize production, evapotranspiration, and adaptation measures in Northeast China (Journal of Hydrology)

Addressing environmental injustices as a resilience strategy: Challenges and areas for action in New Orleans 20 years after Hurricane Katrina (Brookings Institution)

Thanks for reading!

Louie Woodall
Editor