As part of its revised climate strategy, global P&C insurance group Tokio Marine has introduced new restrictions to its insurance underwriting and investment and lending policies.
Specifically, the new revisions add thermal coal mining projects to the list of restricted businesses for new business transactions, in addition to the existing exclusion for coal fired power generation projects.
This means Tokio Marine will not provide new underwriting capacities or financing to coal fired power generation projects or thermal coal mining projects, regardless of whether they are newly constructed or not.
In addition, the company will only carefully consider exceptions to projects that implement innovative technologies and approaches that are necessary to achieve the goals of the Paris Agreement such as CCS/CCUS and mixed combustion.
“Climate change is a global social issue that poses a threat to the safety and security of our customers and local communities,” Tokio Marine stated alongside the revisions. “At the same time, it also has a direct impact on the insurance industry, making it an important issue for our Group to address globally.”
“We … have been working to contribute to the promotion of renewable energies through the provision of insurance products and services, the implementation of our insurance underwriting and investment and lending policies, and the engagement in constructive dialogue with business partners with a focus on decarbonization,” it continued.
“Going forward, we will continue to help facilitate the transition to a decarbonized society by reducing greenhouse gas emissions, aiming to achieve the goals of the Paris Agreement.”
