Tokio Marine says:
“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.”