GHG Emissions - March 3, 2022
AIG Commits to Net Zero GHG Emissions by 2050
American International Group, Inc. announced a commitment to achieve net zero GHG emissions across its global underwriting and investment portfolios by 2050. This new commitment complements AIG’s already announced commitment to achieve net zero GHG emissions by 2050 within its own operations.
“Leading change in a changing world requires being a company of action – and, as a market leader, AIG is committed to setting the standard with our actions. 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,” said Peter Zaffino, CEO of AIG in a statement. “AIG is focused on the realities of climate change. 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.”
The specific actions AIG announced today include:
- Committed to reach net zero GHG emissions across its underwriting and investments portfolios by 2050, or sooner;
- Committed to 100% Renewable Energy for AIG’s operations by 2030;
- Committed to no longer invest in or provide insurance for construction of any new coal-fired power plants, thermal coal mines or oil sands;
- 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% or more of their revenues from these industries, or generate more than 30% 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% or more of their revenues from coal-fired power, thermal coal mines or oil sands, or generate more than 30% of their energy production from coal by Jan. 1, 2030, or sooner; and
- With immediate effect, committed to not investing in or providing insurance cover for any new Arctic energy exploration activities.
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