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German insurer leaves four climate finance groups, citing “ambiguity” « Carbon Pulse
7 Articles
7 Articles
Munich Re likes to be a pioneer in the fight against climate change. But now the political pressure from the US is getting stronger – and the reinsurer is changing the strategy.
Munich Re Exits Major Net Zero Coalitions
Munich Re, one of Europe’s largest insurance companies, and the world’s biggest reinsurer, announced that it has chosen to withdraw from a series of climate-focused industry coalitions, including the Net Zero Asset Owner Alliance (NZAOA), the Net Zero Asset Managers Initiative (NZAM), Climate Action 100+ (CA100+) and the Institutional Investors Group on Climate Change (IIGCC), […]
The reinsurer leaves the Net Zero Asset Owner Alliance, the Net Zero Asset Managers Initiative, Climate Action 100+ and the Institutional Investors Group on Climate Change.
The reinsurer Munich Re withdraws from four international climate initiatives. The Group reasons its withdrawal with regulatory uncertainties and an expansive administrative effort. Nevertheless, the climate protection for Munich Re remains an "unabated urgent concern", according to a statement. Chief Financial Officer Christoph Jurecka had repeatedly stressed with regard to the sustainability reporting of the insurers that this often binds too …
It is another setback for the financial sector's climate initiatives: the reinsurer Munich Re has announced that it will withdraw from the climate alliances Net Zero Asset Owner Alliance (NZAOA), Net Zero Asset Managers Initiative and other initiatives. Among other things, the background is unclear legal and regulatory framework conditions. This probably also means headwinds from the US, even if the Group does not say so. He wants to stick to cl…
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