Net Zero Insurance Alliance fails to set sufficient climate targets for its members

1​7​ January 2023 – The Net-Zero Insurance Alliance (NZIA) Target-Setting Protocol, launched today at the World Economic Forum, lacks ambition and opens the door to corporate greenwashing according to the Insure Our Future campaign. ​​​​​The protocol is supposed to set targets for the underwriting portfolios of the 29 insurance and reinsurance NZIA members to align …

South Korea’s only reinsurer, Korean Re, announces to drop new coal, but with loopholes

Korean Reinsurance begins its move away from coal but too slowly, according to civil society  December 6, 2022 – Asia’s second-largest reinsurance company, Korean Re, will no longer be providing reinsurance for new coal mining or power plant construction from next month.   Reinsurance functions as insurance for insurance companies. If reinsurers restrict insurance coverage of …

Arch Insurance & AEGIS London respond to pressure & rule out EACOP

Arch Capital Group Ltd and AEGIS London join the 19 (re)insurance companies ruling out the controversial East Africa Crude Oil Pipeline (EACOP) project. Arch Capital Group Ltd responded to ongoing pressure on their insurance business by ruling out insurance for the East Africa Crude Oil Pipeline (EACOP). A statement issued by the company follows sustained …

Insured emissions protocol fails to meet UN’s net zero standard

In making Scope 3 emissions reporting optional, the PCAF-NZIA protocol violates Race to Zero and UNHLEG recommendations London – Today the Platform for Carbon Accounting Financials (PCAF) and the Net-Zero Insurance Alliance (NZIA) published their long-awaited Greenhouse Gas Accounting and Reporting Standard for the insurance industry. Under the minimum criteria of the UN Race to …

2022 Global Oil & Gas Exit List (GOGEL)

An industry willing to sacrifice a livable planet • 96% of upstream oil and gas companies are still expanding their operations. • GOGEL is the first tool that makes it possible to systematically assess whether companies are in line with the IEA’s Net Zero Emissions scenario. • LNG terminals under development would more than double …

Reinsurers gathered in Baden-Baden can make or break the climate transition

Monday 24 Oct 2022 – As the global reinsurance sector meets to discuss annual re/insurance contract renewals in Baden-Baden, the Insure Our Future campaign calls on the assembled reinsurers to stop fueling climate catastrophe by underwriting coal, oil and gas production and instead support a rapid transition to renewable energy. Munich Re reported that climate …

With new coal uninsurable, insurers start to move on oil and gas

62% of reinsurers now have coal exit policies and 38% have oil and gas exclusions as shift away from fossil fuels accelerates Insurance company restrictions on oil and gas are finally starting to catch up with those on coal, according to new data from the Insure Our Future campaign. Ahead of COP27, the campaign coalition …

World’s largest reinsurer announces major new oil and gas policy

Today, Munich Re, the world’s largest reinsurer, has taken a major step away from oil and gas. Munich Re has committed that as of 1 April 2023 it will no longer invest in or insure contracts/projects exclusively covering the planning, financing, construction or operation of new oil and gas fields, new midstream oil infrastructure and …

Exposed: Insurers of Ichthys LNG – one of world’s biggest gas projects

Will major insurers rule out support for Ichthys LNG’s expansion? One month before COP27, Reclaim Finance calls on global insurers not to renew insurance coverage to Ichthys LNG, one of the most carbon-intensive liquefied natural gas (LNG) projects in Australia whose promoters TotalEnergies and Inpex (1) are currently planning its climate-wrecking expansion. Based on rare …

Mums climate action at England-India cricket match: Chair of Lords & Lloyd’s told ‘fossil fuels are just not cricket’

A group of mums unfurled a huge banner at today’s England – India cricket match challenging Bruce Carnegie-Brown, Chair of Marylebone Cricket Club and Lloyd’s of London – one the world’s biggest insurers of fossil fuels – to take ambitious climate action. The 9 metre banner – with the message ‘Bruce: Fossil Fuels are just …

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