About Munich Re
Germany-based Munich Re, a well-known international reinsurance firm, has declared that it will no longer be a part of the Net-Zero Insurance Alliance. (NZIA). Due to limited opportunities and significant antitrust risks, the company claimed that pursuing decarbonization goals independently is more effective than an international collective strategy among insurers. Despite this choice, Munich Re emphasised its dedication to its ambitious climate goals, which include bringing its investment portfolio’s greenhouse gas emissions to net-zero by 2050 and reducing them by 29% by the end of 2025. The business also intends to bring the industry’s exposure to greenhouse gas emissions from oil and natural gas extraction and production to zero by 2050.
German reinsurance firm Munich Re has declared that it will no longer be a part of the Net-Zero Insurance Alliance. (NZIA). Due to limited opportunities and significant antitrust risks, according to CEO Joachim Wenning, the company thinks it is more effective to pursue its climate goals independently rather than through a collective strategy among insurers globally. Munich Re emphasised that it is dedicated to its climate goals, which include bringing its investment portfolio’s greenhouse gas emissions down to net-zero by 2050 and reducing them by 29% by the end of 2025. The business also intends to reach net-zero emissions in the oil and natural gas research and production sector by 2050, with an intermediate goal of doing so by cutting emissions by 5% by 2025.
The summary points
- The German reinsurance firm Munich Re has declared that it will leave the Net-Zero Insurance Alliance.
- The company thinks an individual strategy to decarbonization goals is more successful than a global approach among insurers.
- Munich Re has made a commitment to reducing its investment portfolio’s greenhouse gas emissions by 29% by the end of 2025 and getting them to zero by the year 2050.
- The business also intends to bring the industry’s exposure to greenhouse gas emissions from oil and natural gas extraction and production to zero by 2050.
- Starting in April 2023, Munich Re will no longer provide insurance for initiatives incorporating new oil and gas fields or new midstream oil infrastructure.
- By 2025, the company wants to cut its exposure to thermal coal in its insurance operation by 35%, and by 2040, it wants to be completely gone.
- Since 2015, Munich Re has been carbon-neutral, and by 2030, it hopes to have net-zero GHG emissions from its activities.
- According to CEO Joachim Wenning, the business adheres to scientific advice and is decarbonizing even more quickly than necessary to achieve net-zero by 2050.
- The move by Munich Re to stop participating in the Net-Zero Insurance Alliance does not change the company’s dedication to its environmental objectives.
- The business thinks that by following its environmental goals on an individual basis and without subjecting itself to significant antitrust risks, it can do so more successfully.
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