A United Nations-convened climate alliance for insurers suffered at least three more departures on Thursday including the group's chair, as insurance companies take fright in the face of opposition from U.S. Republican politicians.
NZIA, part of the Glasgow Financial Alliance for Net Zero set up by U.N. climate envoy Mark Carney, requires members to commit to reducing their greenhouse gas emissions.by growing political opposition from some Republicans in the United States, who say the group could be violating antitrust laws by working together to reduce clients' carbon emissions.
They gave insurers a month to respond in a May 15 letter - the latest salvo from the Republicans against financial institutions factoring environmental, social and governance-related factors into their decision making. "We must wonder whether their ditching of the alliance has more to do with fears of losing business in the U.S. than real legal jeopardy," said Patrick McCully, senior analyst at campaign group Reclaim Finance.
While other financial industry alliances including one for banks have not suffered many departures, the exit of so many of the world's biggest insurers is a blow to U.N.-led efforts to harness the power of coalescing financial institutions to try and drive emissions lower.
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