Change is possible
Bold climate action is required to meet Tokio Marine’s net zero commitment to transition its insurance underwriting portfolios in line with the 1.5°C pathway.
Tokio Marine does not measure up to its peers.
Tokio Marine’s policy on fossil fuels falls short compared to its peers.
Tokio Marine’s Net Zero Insurance Alliance member peers such as Allianz and SwissRe have coal phase out policies and also policies to restrict insurance for new oil and gas development. Tokio Marine’s coal policy has significant loopholes that allows them to insure new coal and renew existing policies. Tokio Marine will still insure new oil and gas development projects.
Tokio Marine should commit to:
- Close loophole to underwrite new coal power plants and coal mines.
- Immediately cease insuring coal companies, unless they have a coal exit plan that commits to close all coal-related assets by 2030 in EU/OECD countries and by 2040 globally.
- Immediately cease insuring new oil and gas exploration and production, and start to phase out insurance for oil and gas companies in line with a 1.5°C pathway.
- Divest all assets, including assets managed for third parties, from coal, oil and gas companies that are not aligned with a 1.5°C pathway.
- Bring stewardship activities, membership of trade associations and public positions as a shareholder and corporate citizen in line with a 1.5°C pathway in a transparent way.
- Establish robust due diligence and verification mechanisms to ensure clients fully respect and observe all human rights, including the right to Free, Prior and Informed Consent (FPIC) as articulated in the UN Declaration on the Rights of Indigenous Peoples.
Climate Science Facts:
1. We need to peak emissions by 2025. (IPCC AR6 Working Group III).
2. No new coal, oil and gas projects should be developed beyond 2021 (International Energy Agency NZE 2050).
3. Bioenergy with Carbon Capture and Storage (BECCS) and Carbon Capture, Utilization and Storage (CCUS) lack commercial viability and we will have 100% of electricity generation from renewables in the no overshoot 1.5°C scenario. (One Earth Climate Model).
When will Tokio Marine act? The world can’t wait!