SCOR has signed up to the Net-Zero Asset Owner Alliance, an international group of institutional investors that have committed to decarbonise their portfolios to net-zero emissions by 2050.
Convened by the United Nations (UN), the Alliance aims to help avoid a global temperature increase above the 1.5°C Paris target, and already includes re/insurers such as Munich Re, Swiss Re, Allianz, Zurich, and Generali.
By joining this initiative, SCOR has entered a new phase in its implementation of climate and energy transition measures, which includes the acceleration of its withdrawal from coal assets.
Having already disposed of securities from companies generating more than 30% of their revenue from coal, SCOR has now reduced this threshold to 10%.
As such, the group is committed to divesting from companies generating more than 10% of their total revenue from thermal coal, and from utility companies for which coal represents more than 10% of their power production.
In the longer term, SCOR aims to divest totally from companies generating part of their revenue from thermal coal, by 2030 in OECD and EU countries and by 2040 in the rest of the world.
Moreover, the reinsurer will not invest in companies developing new coal-related projects, such as mines, plants, power stations or infrastructure.
“SCOR is pleased to join the Net -Zero Asset Owner Alliance to promote the transition to a post-coal economy,” said Denis Kessler, Chairman & Chief Executive Officer of SCOR.
“As a Tier 1 global reinsurer, SCOR has a longstanding commitment to fighting climate change over the long term. Protecting people and property from natural catastrophes and encouraging sustainable development, particularly in a context of intensified climate risk and increased extreme events, are integral parts of the Group’s mission,” he continued.
“By joining this initiative and implementing new measures to support the energy transition, SCOR is further strengthening its sustainable approach to investment, as set out in its “Quantum Leap” strategic plan.”