Tokio Marine says it:
“Will not provide new insurance underwriting capacities to coal fired power generation projects”.
This does not apply if the coal projects fit within national energy policy plans or other national considerations AND/OR have backing by an export credit agency or international financial arrangements.
“Will not provide new financing for coal fired power generation projects”.
The company may decide to do so anyway if the case for the project is made based on rationales above.
Intends to expand offerings of renewable energy ventures in the future.
Such plans remain aspirational with no targets or timelines for making such a shift in their underwriting or investment portfolios.
They have already achieved carbon neutral status for several years in a row.
This is based on greenhouse gas emission calculations for their office and staff activities, not their portfolio, and is achieved on the basis of voluntary ‘offset’ activities, such as planting trees.
Invest in voluntary mangrove planting activities in South and Southeast Asia.
They may continue to insure fossil fuel projects that damage thriving local mangrove habitats.
The Tokio Marine Group has not ruled out involvement in a number of proposed coal power projects that face local and international condemnation, including Matarbari Phase 1 and 2, Indramayu (Unit 4) and Vung Ang 2 coal power projects. Insurance for other fossil fuels remains a core business offering to clients, including in the northern reaches of the Arctic as well as coastlines of Latin America, South and Southeast Asia.