Munich Re terminates membership of Net Zero Insurance Alliance
31 March, 2023 9:54 AMIn a press release, the reinsurer stressed that it is sticking to its ambitious climate targets, which include reducing greenhouse gas emissions associated with its portfolio by 29% by the end of 2025.
In addition, Munich Re states that its ambition is to reduce climate-related risks in oil and gas exploration and production operations (primary insurance, direct reinsurance and ad hoc) so that there are no associated net greenhouse gas emissions. 2050. The first step for reinsurers is to reduce emissions by 5% by 2025.
From April 2023, Munich Re said it would not insure projects involving new oil fields and gas or new intermediate oil infrastructure. At the same time, it will reduce thermal coal risk in its group-wide direct and occasional insurance business by 35% by 2025 and then eliminate it completely by 2040.
The reinsurer also noted that it has ceased insuring new coal-fired power plants, coal mines since 2018 and oil sands mines since 2019.
Meanwhile, regarding emissions from its own operations, Munich Re points out that it has been carbon neutral since 2015, having previously reduced CO2 emissions per employee by 44% from 2009 to 2019. Current greenhouse gas emissions must be reduced by another 12. % per employee by 2025. By 2030, Munich Re plans to achieve net zero greenhouse gas emissions from its operations.
“Our climate commitment is unwavering,” Wenning said.
"We are following scientific advice. So far we have decontaminated even faster than necessary to achieve net zero pollution by 2050."
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