Climate activists are occupying a Glasgow business today to demand an end to insuring fossil fuels. 

Members of Extinction Rebellion Scotland have taken to the foyer of insurance company AIG's office in St Vincent Street in a sit-down protest against "carbon bomb" projects that will have a "catastrophic impact on the climate". 

Nine activists gathered with banners saying: "Don't insure fossil fuels" and "no carbon bombs" as they delivered a letter to AIG as well as insurance companies Hiscox and Zurich. 

Read more: This Is Rigged activists occupy Tesco Bank offices in Glasgow

A procession led by a piper, drummer, and protest group Oil Slicks - dressed head to toe in black -  also gathered outside AIG's office to support the occupation before it visits Hiscox and Zurich. 

Gary Jack from XR Highlands & Islands and Moray said: “Insurance is the achilles heel of the fossil fuel industry. Without insurance, carbon bomb projects like the East Africa Crude Oil Pipeline or the West Cumbria coal mine cannot go ahead.

The Herald: Extinction Rebellion protesters in the foyer of AIG insurance company offices in GlasgowExtinction Rebellion protesters in the foyer of AIG insurance company offices in Glasgow (Image: Colin Mearns)

"As climate change worsens, insurance becomes a riskier business with increased claims for them, and increased costs for their customers. AIG and other companies are also insuring the climate crisis whilst abandoning communities and regions affected by climate disasters where they can't make money.

"Rising insurance costs were the main factor in activists halting the UK's Cambo and Canada’s Bay du Nord (Equinor) projects. Insurance companies must rule out fossil fuel projects to insure our future, by reducing the risk of climate catastrophe.”

The action is part of Insure Our Future’s global week of action with protests happening in other UK cities and around the world

Val King, a 64-year-old farm owner, said: "Insurance companies are ignoring the warnings of the United Nations, the International Energy Agency and climate science and are insuring new oil and gas projects, known as carbon bombs.

"These carbon bombs will accelerate global warming, which is already exceeding scientists’ predictions.

The Herald: A procession organised by XR Scotland marched from AIG's office to Hiscox and ZurichA procession organised by XR Scotland marched from AIG's office to Hiscox and Zurich (Image: Colin Mearns)

"We call on AIG and other companies to stop insuring new and expanded fossil fuels and instead insure our future by supporting a just transition to a renewable future.

"Don’t be fooled by arguments of energy security as they are used to help oil and gas make more money at the cost of our future. Without insurance, these carbon bombs won’t go ahead." 

 The "carbon bombs" are 425 fossil fuel extraction projects that can each release more than one gigaton of carbon dioxide into the atmosphere, seriously threatening the 1.5 degree climate goal. 

A Police Scotland spokesperson said: “We are aware of people gathered at a premises on St Vincent Street, Glasgow. Officers are at the scene.”