American International Group said it is committed to achieving net-zero greenhouse gas emissions across its global underwriting and investment portfolios by 2050.
AIG already made a commitment last year to achieve net-zero GHG emissions within its operations by 2050 and is planning to use 100 percent renewable energy for its operations by 2030.
“AIG is focused on the realities of climate change,” said Peter Zaffino, AIG’s chairman and CEO, in a statement. “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.”
“We believe today’s ESG commitments are an important step forward for AIG, the clients we serve and the global communities where we live and work,” he added.
The specific actions AIG announced on March 1 include:
- With immediate effect, committed to no longer invest in or provide insurance for construction of any new coal-fired power plants, thermal coal mines or oil sands.
- With immediate effect, committed to no longer invest in or underwrite new operation insurance risks of coal-fired power plants, thermal coal mines or oil sands for those clients that derive 30 percent or more of their revenues from these industries, or generate more than 30 percent of their energy production from coal.
- Committed to phasing out the underwriting of all existing operation insurance risks and ceasing new investments in those clients that derive 30 percent or more of their revenues from coal-fired power, thermal coal mines or oil sands, or generate more than 30 percent of their energy production from coal by Jan. 1, 2030, or sooner.
- With immediate effect, committed to not investing in or providing insurance cover for any new Arctic energy exploration activities.
Additional details and disclosures on AIG’s climate and sustainability strategy can be found in the company’s 2020 ESG Report.