Zurich sets renewable energy goal, coal, oil sands underwriting limits

Source: Business Insurance

Gloria Gonzalez June 25, 2019 Zurich Insurance Group Ltd. has pledged to utilize 100% renewable power in all global operations by the end of 2022 and to stop writing certain thermal coal and oil sands risks after two years as part of its commitment to achieving the goals of the Paris climate agreement. Zurich is the first insurer to commit to set targets in the framework of the UN Global Compact Business Ambition Pledge that aims at limiting global temperature rise to 1.5 degrees Celsius above preindustrial levels, according to a statement by the insurer published on Tuesday. The Paris climate agreement included pledges from 195 political leaders to hold the global average temperature to well below 2 C above pre-industrial levels and pursue efforts to limit the temperature increase to 1.5 C, although the Trump administration announced in July 2017 that the United States would pull out of the agreement.