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On September 7, 2023, leading global insurance company Allianz published its first Net Zero Transition Plan. Peter Bosshard, Global Network Coordinator of the Insure Our Future campaign commented: Allianz’s transition plan is transparent, comprehensive, timely and in many ways ambitious but contains serious gaps when it comes to new gas infrastructure. If Allianz closes these loopholes, its transition …
London, 5 September 2023, first published in The Insurer – Lloyd’s of London, one of the world’s largest insurers of fossil fuels, has said it will comment more expansively on ESG guidance in September 2023. It is anticipated to be a further distancing from Lloyd’s first ESG policy, published in December 2020, and another textbook …
This week, facing mounting pressure from campaigners, Lloyd’s of London syndicate, Probitas1492, ruled out providing insurance for Adani’s Carmichael coal mine and its related infrastructure. Probitas was known to insure the mine’s transport system, but also admitted that the mine itself had been insured through the Lloyd’s of London marketplace. Ash Bathia, Chief Executive Officer …
On 26 June 2023, citizens and environmental NGOs gathered in front of the AGM venue of Tokio Marine Holdings; Japan’s biggest and one of the world’s top 10 oil and gas insurers. #StopEACOP activists question Tokio Marine’s ethics Risa Iizuka, a youth activist and Field Organizer at 350.org Japan, condemned the 1,400km-long East African Crude …
The insurance sector is the Achilles’ heel of the fossil fuel industry Without insurance, fossil fuel companies cannot operate and fossil fuel projects cannot be built or maintained. This is why we, at Mothers Rise Up, a UK climate-parent group, focus our creative energy on the insurance sector, particularly on the world’s oldest, biggest and …
Written in collaboration with Reclaim Finance. Numerous insurers have quit the Net Zero Insurance Alliance (NZIA) under pressure from climate denying politicians and officials in the United States. The insurance industry has for decades been aware of the causes and serious consequences of climate change and its business model is being shaken by repeated multi-billion …
What’s happening with the Net Zero Insurance Alliance Today, French reinsurer SCOR, the world’s 7th biggest non-life reinsurance company left the Net Zero Insurance Alliance (NZIA) while significantly strengthening its oil and gas restrictions at the same time. At its AGM, the reinsurer today announced that it would no longer underwrite the development of new …
This article first appeared on Environmental Finance. You can find the article here. The recent departures of Munich Re, Zurich and Hannover Re from the Net Zero Insurance Alliance (NZIA) have created a lot of debate. Amidst all the noise it’s important to remember the following basic facts about net zero commitments. Munich Re has cited antitrust concerns as the reason …
In an open letter Paul Parker, recording clerk of Quakers in Britain, and Bainito Wamalwa, Africa section clerk of Friends World Committee for Consultation, asked for a meeting with the world’s leading insurance market to discuss its action on climate change. They urged Lloyd’s Chairman Bruce Carnegie-Brown and Chief Executive John Neal, whose members insure a large …
Originally published in ESG Investor on February 9, 2023 Since activist short-seller Hindenburg Research accused the Adani Group of “pulling the largest con in corporate history” on 25 January, the value of the world’s biggest private developer of new coal has been in free fall. The exposure of Adani’s fraud sheds an embarrassing light on organisations – …
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