Big Insurance companies launch net-zero climate alliance

Eight of the world’s leading insurance and reinsurance organizations on Sunday launched a alliance to help accelerate a transition to a net zero emissions economy.

The organizations, which incorporate Europe’s best three insurers by premiums – Allianz, AXA and Generali – said the Net-Zero Insurance Alliance (NZIA) would work to shift underwriting portfolios towards net-zero greenhouse gas emissions by 2050.

The move comes as insurers net providers go under increasing pressure to explain how they intend to decarbonize their organizations in the midst of growing calls for them to stop underwriting guaranteeing and investing resources into fossil fuel projects.

Every one of the organizations will independently set intermediate targets every five years and report on progress yearly in participation with competition authorities, the NZIA individuals said in a statement.

“With this new Net-Zero Insurance Alliance, we are raising our climate ambition further,” said Thomas Buberl, Chief Executive of the AXA Group, which chairs the NZIA.