UN Says U.S. Considerations Have Led to Insurers Quitting Local weather Alliance

The United Nations Atmosphere Programme on Wednesday mentioned “latest discussions inside america” had been behind 4 insurance coverage corporations quitting a UN-convened alliance aimed toward decreasing carbon emissions in latest months.

Republican federal and state lawmakers, governors, and attorneys common have been pushing again on rising efforts by traders and executives to incorporate environmental, social and governance (ESG) components of their enterprise choice making.

Reinsurer Swiss Re on Monday joined Munich Re, Zurich Insurance coverage, and Hannover Re in exiting the Internet Zero Insurance coverage Alliance amid rising stress within the U.S., the place some Republican politicians say these alliances may very well be breaking antitrust guidelines.

All 4 of the insurers to depart the group, a part of the Glasgow Monetary Alliance for Internet Zero arrange by U.N. local weather envoy Mark Carney, have vital U.S. companies, though just one – Munich Re – linked its choice to antitrust considerations.

“In gentle of the latest discussions inside america, members of the United Nations-convened Internet-Zero Insurance coverage Alliance (NZIA), significantly these with vital US enterprise and publicity, have made the person and unilateral choice to both stay or withdraw from the NZIA,” UNEP mentioned.

“Whatever the state of affairs, UNEP reaffirms its conviction ever because it initiated, convened, and launched the NZIA that to be able to efficiently deal with the local weather emergency, there’s a elementary and pressing want for collaboration, not simply particular person motion.”

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Carriers
USA