AIG Promises Net-Zero Portfolios as Insurers Unveil ESG Pledges
(Bloomberg) -- American International Group Inc. said it would commit to overhauling its underwriting and investment portfolios so they produce net-zero greenhouse gas emissions by 2050 as insurers move away from fossil fuels.
“AIG is focused on the realities of climate change,” Chief Executive Officer Peter Zaffino said in a statement Tuesday. “The data about climate change is unambiguous, and we believe that AIG can be a catalyst for positive change as it relates to sustainability advancements and renewable-energy expansion.”
AIG's vow follows a report last year by the nonprofit ShareAction, which ranked the New York-based company among a group of insurers with the worst environmental, social and governance credentials, alongside Nationwide Mutual Insurance Co. and Genworth Financial Inc. More than 20 of the world's largest underwriters previously agreed to transition their insurance and reinsurance underwriting portfolios to net-zero emissions by 2050. Members of the group, which was convened by the United Nations and is known as the Net-Zero Insurance Alliance, include Allianz SE and Axa SA.
Read more: Net-Zero Insurers Uncover New Climate Adversary in Antitrust Law
Firms beyond that organization have taken similar steps. Chubb Ltd. adopted policies in July 2019 meant to reduce its exposure to facilities and firms with significant ties to thermal coal.
©2022 Bloomberg L.P.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
