Coal is widely excluded from investment portfolios, and many banks have placed significant restrictions on lending to avoid it.
Some of Europe’s biggest insurers are underwriting close to a third of the coal production that takes place in the US, even after pledging to target net zero emissions, according to a report by climate campaign groupCoal is the world’s biggest emitter of carbon dioxide and needs to be urgently phased out if global heating is to be limited to the critical threshold of 1.5C, the International Energy Agency has said.
A spokesperson for Swiss Re said by email that the insurer “fully adheres to its thermal coal policy and remains firmly committed to achieving a total phase out of thermal coal related re/insurance in OECD countries by 2030 and in the rest of the world by 2040. In this transition to a net zero economy, engaging with stakeholders is essential for the world and our business.”
A spokesperson for Zurich Insurance Group said the company is “committed to achieving net zero by 2050, and we continue to focus on supporting our customers navigate their transition.”
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