Zero-net climate alliance has been launched by big insurance companies.

Eight of the world’s leading insurance and reinsurance companies formed an alliance on Sunday to accelerate the transition to a net-zero emissions economy.
The companies, which include three leading European premium insurers Allianz, AXA and Generali, said the NetZero Insurance Alliance (NZIA) will work to convert their insurance portfolios to net greenhouse gas emissions by 2050. The move comes as insurers put pressure to explain how to decarbonise their businesses amid calls to stop underwriting and investing in fossil fuel projects.
Each of the companies will set individual interim targets every five years and report annually on progress in cooperation with the competition authorities, according to the NZIA members in a statement.
“With this new NetZero Insurance Alliance we are raising our climate ambitions even further,” says Thomas Buberl, CEO of the AXA Group, Chairman of the NZIA.
NZIA members, which also include Aviva, Munich Re, SCOR, Swiss Re and Zurich Insurance Group, will set underwriting criteria for the most carbon intensive activities in their underwriting portfolios and offer solutions for low and zero emission technologies. They will also include zero net risk and decarbonisation criteria in their risk management framework.
“By pledging to join the Net Zero Gold Standard Alliance, the (NZIA) will ultimately make underwriting dependent on underlying companies having credible net zero transition strategies,” said UN Weather Envoy Mark Carney .
The alliance, first presented in April, was presented by General boss Philippe Donnet on Sunday at the G20 climate summit in Venice.
Many of the major European insurers have already adopted climate-friendly policies. Last month Generali promised to achieve carbon neutrality in its direct investment portfolio by 2050.

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