Quantcast
Environmental News for a Healthier Planet and Life

Help Support EcoWatch

Coral Reef in Cancún Becomes World's First to Have Its Own Insurance Policy

Popular
Coral Reef in Cancún Becomes World's First to Have Its Own Insurance Policy

A reef off the coast of Cancún will become the first in the world with its own insurance policy, testing a new strategy meant to encourage local investment in the wellbeing of the reef.

Under the policy, created by insurance company Swiss Re and the Nature Conservancy, local hotels and other organizations dependent on tourism will pay into the policy, receiving reimbursements to repair the reef and local beaches after natural disasters.


Mexico isn't the only place where reefs are getting their own bank accounts: the National Oceanic and Atmospheric Administration recently awarded Hawaii $715,000 to encourage local actions to promote reef resiliency. Half of the coral reefs in the state were killed in bleaching events between 2014 and 2015.

"Public-private partnerships are the key," Mark Tercek, chief executive of the Nature Conservancy, told the Guardian. Tercek predicted that the business model in Cancún will be an inspiring example for other governments, businesses and insurance firms around the world.

"I used to get very frustrated that not enough was happening [to protect the environment]," Tercek said. "We have to push business leaders to go further, to stick their neck out to tackle issues beyond the short term."

For a deeper dive:

Mexico: The Guardian, Bloomberg Businessweek. Hawaii: AP

For more climate change and clean energy news, you can follow Climate Nexus on Twitter and Facebook, and sign up for daily Hot News.

Coast Guard members work to clean an oil spill impacting Delaware beaches. U.S. Coast Guard District 5

Environmental officials and members of the U.S. Coast Guard are racing to clean up a mysterious oil spill that has spread to 11 miles of Delaware coastline.

Read More Show Less

EcoWatch Daily Newsletter

What happened to all that plastic you've put in the recycling bin over the years? Halfpoint / Getty Images

By Dr. Kate Raynes-Goldie

Of all the plastic we've ever produced, only 9% has been recycled. So what happened to all that plastic you've put in the recycling bin over the years?

Read More Show Less

Trending

Plain Naturals offers a wide variety of CBD products including oils, creams and gummies.

Plain Naturals is making waves in the CBD space with a new product line for retail customers looking for high potency CBD products at industry-low prices.

Read More Show Less
Donald Trump and Joe Biden arrive onstage for the final presidential debate at Belmont University in Nashville, Tennessee, on Oct. 22, 2020. JIM WATSON / AFP via Getty Images

Towards the end of the final presidential debate of the 2020 election season, the moderator asked both candidates how they would address both the climate crisis and job growth, leading to a nearly 12-minute discussion where Donald Trump did not acknowledge that the climate is changing and Joe Biden called the climate crisis an existential threat.

Read More Show Less
What will happen to all these batteries once they wear out? Ronny Hartmann / AFP / Getty Images

By Zheng Chen and Darren H. S. Tan

As concern mounts over the impacts of climate change, many experts are calling for greater use of electricity as a substitute for fossil fuels. Powered by advancements in battery technology, the number of plug-in hybrid and electric vehicles on U.S. roads is increasing. And utilities are generating a growing share of their power from renewable fuels, supported by large-scale battery storage systems.

Read More Show Less

Support Ecowatch