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The Economic Times: Thermal power plants are finding it difficult to obtain reinsurance cover in international markets as global giants tighten their environment, social and governance (ESG) policies. This has created capacity constraints for insuring coal-fired power projects, which are too big for the balance sheets of domestic insurers. Most of the reinsurance markets in […]
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Insurance Business Australia: The top 10 largest Lloyd’s of London insurers have ruled out underwriting the controversial Adani Carmichael coal mine, with Tokio Marine Kiln the latest insurer to announce it would drop “any future underwriting” of the project. Early this month, major Lloyd’s of London syndicate and London-based (re)insurer MS Amlin ruled out insurance […]
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The Guardian: The Hong Kong-based insurance company AIA, whose logo features on Tottenham Hotspur shirts, has bowed to pressure from campaigners and announced it will pull out of all coal investments by 2028. AIA, the largest independent, publicly listed pan-Asian life insurance group, made the pledge in its environmental, social and governance report released this […]
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Bloomberg: Two years after committing to cut its net emissions to zero by 2050, Swiss Re gave more specifics Tuesday on how it plans to achieve its target. The world’s second-largest reinsurer said it intends to reduce the carbon intensity of its corporate bond and equity portfolio by 35% from 2018 levels by the middle […]
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Bloomberg: Axa SA, France’s biggest insurer, is dropping German energy giant RWE AG as a client in a decision that highlights how taboo the coal business has become. Not even an appeal from RWE Chief Executive Officer Rolf Martin Schmitz to his counterpart at Axa, Thomas Buberl, was enough to persuade the insurer to retreat […]
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Nikkei Asia: Dai-ichi Life Insurance will aim to reduce carbon dioxide emissions from its investment portfolio by 30% by 2025, a potentially trend-setting step by one of Japan’s top institutional investors. The insurer, which manages 36 trillion yen ($337 billion) in assets, plans 700 billion yen in sales by fiscal 2023 to reduce its holdings […]
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Reuters: British insurer Aviva plans to become a net zero carbon emissions company by 2040, it said on Monday, claiming this was the most demanding target set by any major insurer worldwide. The insurer plans to reach net zero carbon emissions from its investments by 2040 and net zero from its own operations and supply […]
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Power: Affiliates of one of South Korea’s largest business conglomerates announced they no longer will provide financial support for coal projects, putting in jeopardy plans to finish a 2,100-MW coal-fired power plant project that has been expected to come online in 2024. The six financial affiliates of the Hanwha Group, during a video conference on […]
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Bloomberg: Desjardins Group, the largest financial co-operative in North America, said it will almost completely stop financing companies in the coal industry. The Canadian co-op said it won’t provide investments, loans or underwriting for businesses that operate or develop coal mines, plants or infrastructure, according to a statement posted on Friday. It may still work […]
Press Release and Norman Waite
AIA must back their climate pledges
21 December 2020 (IEEFA Asia): Major insurer AIA still holds anywhere between US $4 – 6 billion in coal and coal-fired power assets that if stranded will massively reduce wealth for investors and despite pledging its commitment to three significant global climate accords according to a new report by the Institute for Energy Economics and […]
IEEFA: AIA too important to lag global insurers in coal investment, divestment, and exclusion
AIA must back their climate pledges21 December 2020 (IEEFA Asia): Major insurer AIA still holds anywhere between US $4 – 6 billion in coal and coal-fired power assets that if stranded will massively reduce wealth for investors and despite pledging its commitment to three significant global climate accords according to a new report by the Institute for Energy Economics and […]