If the Tokio Marine Group wants to catch up with other global insurers taking action on climate change, the group needs to:
Immediately cease insuring new coal projects and coal companies.
Immediately cease insuring new oil or gas expansion projects.
Phase out insurance for oil and gas companies in line with a 1.5ºC pathway.
Divest all assets from coal companies and oil and gas companies that are not in line with a 1.5ºC pathway, including assets managed for third parties.
Establish robust due diligence and verification mechanisms to ensure clients fully respect 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.
Bring stewardship activities, membership of trade associations, and public positions as shareholders and corporate citizens more broadly in line with a 1.5ºC pathway in a transparent way.
Actions are more important than words
“Phasing out coal from the electricity sector is the single most important step to get in line with the 1.5 degree goal. Today, I am calling on all governments, private companies and local authorities to … end the international financing of coal plants and shift investment to renewable energy projects.”
– UN Secretary General Antonio Guterres
“Climate change is a global challenge that poses risks to the safety and security of our customers and society. This makes climate change a top-priority issue that we must address head-on.”