Zurich takes lead on UN climate goals; commits to 100% renewable energy by 2022
Zurich has become the first major global insurer to align with United Nation's climate change goals by committing to using 100 percent renewable energy in all global operations by the end of 2022, and to stop writing certain thermal coal and oil sands risks.
The new climate targets are in line with the framework of the UN Global Compact Business Ambition Pledge that aims at limiting global temperature rise to 1.5°C above pre-industrial levels by 2030.
As part of the initiative, Zuirch will expand its existing thermal coal policy by engaging with both clients and investee companies to adopt plans to reduce their exposure to thermal coal, oil sands and oil shales.
Zurich will no longer underwrite or invest in companies that generate more than 30 percent of their revenue from mining thermal, oil shale or extraction of oil from oil sands, or produce more than 20 million tons of thermal coal per year.
Additionally, the insurer has committed to using 100 percent renewable power in all global operations by the end of 2022.
“As one of the world’s leading insurers we see first-hand the devastation natural disasters inflict on people and communities," said Mario Greco, CEO Zurich Insurance Group. "This is why we are accelerating action to reduce climate risks by driving changes in how companies and people behave and support those most impacted. It is simply the right thing to do.”
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