American Worldwide Group mentioned it’s committing to net-zero greenhouse gasoline emissions inside its underwriting and funding portfolios by 2050.
“AIG is concentrated on the realities of local weather change,” mentioned Peter Zaffino, AIG chairman and CEO, in an announcement. “The info about local weather change is unambiguous and we consider that AIG is usually a catalyst for optimistic change because it pertains to sustainability developments and renewable power growth.”
AIG already set a purpose to attain net-zero greenhouse gasoline emissions inside its operations by at the least 2050. The insurer mentioned it has an initiative to make use of 100% renewable power for its operations by 2030, or sooner.
Particular actions inside AIG’s March 1 announcement embrace:
- With rapid impact, dedicated to now not spend money on or present insurance coverage for building of any new coal-fired energy crops, thermal coal mines or oil sands
- With rapid impact, dedicated to now not spend money on or underwrite new operation insurance coverage dangers of coal-fired energy crops, thermal coal mines or oil sands for these shoppers that derive 30% or extra of their revenues from these industries, or generate greater than 30% of their power manufacturing from coal
- Dedicated to phasing out the underwriting of all current operation insurance coverage dangers and ceasing new investments in these shoppers that derive 30% or extra of their revenues from coal-fired energy, thermal coal mines or oil sands, or generate greater than 30% of their power manufacturing from coal by Jan. 1, 2030, or sooner
- With rapid impact, dedicated to not investing in or offering insurance coverage cowl for any new Arctic power exploration actions
“Main change in a altering world requires being an organization of motion – and, as a market chief, AIG is dedicated to setting the usual with our actions,” Zaffino added. “We consider right this moment’s ESG commitments are an essential step ahead for AIG, the shoppers we serve and the worldwide communities the place we reside and work.”
Further particulars and disclosures on AIG’s climate and sustainability strategy might be discovered within the firm’s 2020 ESG Report.
AIG mentioned its efforts are unbiased of comparable efforts of the Internet-Zero Insurance coverage Alliance, which incorporates Lloyd’s, Allianz, AXA, Swiss Re, Munich Re, QBE, Zurich, and others. The group lately confronted some considerations concerning violation of antitrust legal guidelines.
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