Net-Zero Insurance Alliance suffers membership losses following state pressure (2023)
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The Net-Zero Insurance Alliance, a global organization comprised of insurance companies that have agreed to promote ESG climate policies, continues to lose members after 23 state attorneys general sent letters earlier this month warning insurance companies that participation in the alliance potentially constitutes illegal collusive behavior under antitrust laws:
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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. At least seven members of the Net-Zero Insurance Alliance (NZIA), which launched in 2021, have now left including five of the eight founding signatories. Departures on Thursday included AXA , whose Group Chief Risk Officer Renaud Guidée had chaired the alliance. The French insurer said in a statement it was leaving to "continue its individual sustainability journey." Germany's Allianz (ALVG.DE) and French reinsurer SCOR (SCOR.PA) also quit. 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. The group has been buffeted 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. This month 23 U.S. state attorneys general told NZIA members that the group's targets and requirements appeared to violate both federal and state antitrust laws. 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 (ESG) factors into their decision making.[1] |
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- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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