The Problem

Tokio Marine’s Climate Hypocrisy

Tokio Marine says:

But:

“Tokio Marine will not provide new insurance underwriting (and investment) capacities to coal-fired power generation projects or thermal coal mining projects”

Tokio Marine has no policy to restrict underwriting of new oil and gas projects, although 12 of their global peers set some restrictions. The latest climate science says there is no space for new coal, oil and gas projects to align with the 1.5° target.

“However, we may grant exceptions for projects with innovative technologies and approaches, such as CCS / CCUS and mixed combustion.

This loophole allows Tokio Marine to underwrite a range of new coal projects using technologies with questions of feasibility. Ammonia co-firing, for example, is pointed out to be  too expensive for power utilities and GHG reduction is not significant. CCS and CCUS for power plants lack commercial viability while renewable energies are ready-to-use technologies.

“Tokio Marine … will be aimed at achieving the 2-degree Celsius target set in the Paris Agreement adopted at COP21…”, “We… are committed to underwriting practices that will enable us to contribute to transitioning to a decarbonized society and achieving the goals of the Paris Agreement.”

It is a global convention to aim at 1.5°C rather than 2.0°C. In  the Paris Agreement, it is mentioned as “Its goal is to limit global warming to well below 2, preferably to 1.5 degrees Celsius, compared to pre-industrial levels”, and 1.5° target was confirmed at COP 26 in Glasgow

Refusing to Rule Out Climate-Destructive Projects

Tokio Marine’s

Policy Allows

Underwriting Of

The World’s Dirtiest

Fossil Fuel Projects

Tokio Marine is threatening livelihoods
and vulnerable ecosystems of the world.

Brazil: Offshore Oil Expansion

Tokio Marine is underwriting insurance for controversial Brazilian offshore oil projects, which threaten coastal communities’ livelihoods and some of the world’s most sensitive ecosystems around the Great Amazon Reef. Tokio Marine has been revealed as one of the significant players in this project, supporting 40% of general civil liability and 10% of transport insurance. Read our report for more information.

Asia: KEPCO’s Coal Power Plant Projects

While many of its global peers are withdrawing from coal projects, Tokio Marine continues to underwrite Korea’s national power utility, KEPCO. KEPCO’s coal power plant projects across Asia include Nghi Son 2 in Vietnam, Jawa 9&10 in Indonesia, and most notably, Vung Ang 2 in Vietnam. Tokio Marine is the second largest underwriter of Vung Ang 2, with a $569mn premium. Read our report for more information.

Alaska, USA: The Arctic National Wildlife Refuge

The Arctic National Wildlife Refuge is home to the Gwich’in People, who have been protecting the Arctic Refuge as a breeding ground of the Porcupine Caribou Herd, which is vital for both their culture and livelihood. In 2021, the Arctic Refuge was threatened by oil and gas exploitations. Though there is currently a moratorium on oil  and gas exploration—no definitive decisions on the future of the Arctic Refuge have been made. Tokio Marine does not have a policy to rule out underwriting of new oil and gas projects in the Arctic National Wildlife Refuge. Tokio Marine should follow SOMPO and other 13 global peers and commit to no underwriting or investment in fossil fuel projects in the Arctic Refuge and the whole region of the vulnerable Arctic.

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