The United Nations Environment Program on Wednesday said that “recent discussions within the United States” are behind four insurance companies dropping out of an alliance convened by the UN aimed at reduction of carbon emissions in recent months.
Republican federal and state lawmakers, governors, and attorneys general are driving increasing efforts by investors and executives to incorporate environmental, social and governance (ESG) factors into their business decision-making.
Reinsurer Swiss Re on Monday joined Munich Re, Zurich Insurance, and Hannover Re in pulling out of the Net Zero Insurance Alliance amid growing pressure in the US, where some Republican politicians say these alliances could violate of antitrust rules.
All four of the insurers to leave the group, part of the Glasgow Financial Alliance for Net Zero founded by UN climate envoy Mark Carney, have significant US businesses, although only one – Munich Re – is linked to its decision on antitrust concerns.
“Due to recent discussions within the United States, members of the United Nations-convened Net-Zero Insurance Alliance (NZIA), particularly those with significant business and exposure to the US, are making individual and unilateral decision to stay or withdraw from the NZIA,” said UNEP.
“Whatever the situation, UNEP has reaffirmed its conviction since it initiated, convened, and launched the NZIA that to successfully address the climate emergency, there is a fundamental and urgent need for collaboration , not just individual action.”
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