Eight global insurance companies form an alliance against global warming

 

Eight of the world’s largest insurance companies decided, Sunday, to create an alliance to accelerate the global economy’s transition to carbon neutrality.

According to (Reuters) news agency, the companies, which include the three largest insurance companies Allianz, Axa and General, announced that their alliance called “NetZero”, will work to convert the subscription portfolios of its members towards net greenhouse gas emissions.

A statement issued by the members explained that each company will set interim goals individually every five years, and report on progress each year in cooperation with competition authorities.

AXA CEO Thomas Popperl, who chairs the alliance, said: “With the new insurance alliance, NetZero, we are further strengthening our climate ambition.”

The move comes as insurers come under increasing pressure to explain how they plan to decarbonize their businesses amid calls to stop underwriting and investing in fossil fuel projects.

Members, which also include Zurich Insurance Group, Swiss Re, Score, Munich Re and Aviva, will define underwriting criteria for the carbon-intensive activities in their portfolios and provide low-emission technology solutions, and will also include risk and decarbonization criteria in their risk management.

Several major European insurers already have climate-friendly policies in place. Last month, Generali pledged to achieve carbon neutrality in its direct investment portfolio by 2050