Tokio Marine toughens on climate, drops oil sands and arctic projects
Tokio Marine Holdings has tightened its climate policy to exclude new business in oil sands mining and arctic extraction projects not adhering to Paris-compliant decarbonisation plans.
Tokio Marine will outright prohibit new business transactions on oil sands mining and run a similar prohibition on arctic oil and gas extraction with allowable exceptions for projects with decarbonisation plans that are aligned with the Paris Agreement, management said in a policy update.
The new bans cover underwriting, investment and financing deals, management noted.
“Going forward, we will continue to help facilitate the transition to a decarbonized society by reducing greenhouse gas emissions, aiming to achieve the goals of the Paris Agreement,” management said.
Toko Marine brags that under its climate policy from 2020 it has been promoting renewable energy via insurance offers, and running its underwriting, investment and financing policies with an eye to pushing partners towards decarbonization and policymakers towards tightened regulations.
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