‘Hazardous Companies Forced to get Environmental Insurance in Argentina’
Argentina has taken another major step in order to usher in an end to global warming. It has set some regulations and norms, for companies engaged in potentially hazardous activities. These companies need to buy insurance, to cover the environmental loss. The law was approved long way back, but the companies didn’t follow it because the regulations did not define which activities were considered as hazardous and as such there wasn’t any insurance policy they could buy.
Argentina is the first country in the world to have this legislation and claims that at least 35,000 companies will fall under this new rule. The insurance policies will range in price from 120,000 pesos ($36,090) a year to 50 million pesos ($15 million), depending on a given company’s activities, output and the potential risk involved.
Environment insurance is indeed a very good step. Combating global warming is the need of the hour and every little step counts.