This comes as research shows leading insurers have already pulled $20 billion out of investments in coal and a growing number are refusing to underwrite new coal projects, reveals a new report coming out on Wednesday.
See this announcement for more details on what Zurich is committing to (also attached): Insurers can facilitate the transition to a low-carbon future.
Robert Kuchinski, Head of Global Property & Energy, Zurich: “Insurers can play a role in facilitating this generational transition towards cleaner energy by increasingly reflecting the climate-related risks inherent in thermal coal in their underwriting and investment policies.”
Momentum has grown rapidly since AXA became the first global financial institution to divest from coal in 2015. Zurich, Swiss Re and Lloyd’s are due to announce new policies in the coming months. Fifteen insurers, including seven of the biggest companies, have now taken or are planning action on coal.
Insuring Coal No More rates 25 of the world’s biggest insurers on their action on underwriting, divestment and climate leadership, highlighting early movers and laggards. It will be launched at the Insurance and Climate Risk conference in London on Wednesday 15th November.
Out of the 25 insurers:
- The seven early movers on coal are all European;
- None of the eight US insurers have taken meaningful action;
- Six companies with a record of climate leadership elsewhere have yet to take action.
The scorecard is based on public information and responses from 17 of the insurers to questions from Unfriend Coal, a coalition of 13 organisations including the Sierra Club, 350.org, ClientEarth, Greenpeace Switzerland and Friends of the Earth France.
View the report Unfriend Coal Scorecard Report
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