Zurich Makes Commitment To UN Pledge To Take On Climate Change

Zurich Insurance Group has announced that it is the first insurer to commit to the UN Global Compact Business Ambition Pledge — an initiative that aims to limit global temperature rise to 1.5°C above pre-industrial levels.

As part of its commitment, Zurich will proactively engage with clients and investee companies over a 24-month period with the aim of assisting them to adopt plans that reduces their exposure to thermal coal, oil sands, and oil shales.

As such, the insurer said that it generally will no longer underwrite or invest in companies that generate more than 30% of their revenue from mining thermal coal, or produce more than 20 million tons of thermal coal per year; generate more than 30% of their electricity from coal; are in the process of developing any new coal mining or coal power infrastructure....