“Leading change in a changing world requires being a company of action – and, as a market leader, AIG is committed to setting the standard with our actions. We believe today’s ESG commitments are an important step forward for AIG, the clients we serve and the global communities where we live and work,” said Peter Zaffino, Chairman & CEO, AIG
NEW YORK:
American International Group, Inc today announced a commitment to achieve Net Zero greenhouse gas (GHG) emissions across its global underwriting and investment portfolios by 2050, or sooner.
This new commitment complements AIG’s already announced commitment to achieve Net Zero GHG emissions by 2050, or sooner, within its own operations.
“Leading change in a changing world requires being a company of action – and, as a market leader, AIG is committed to setting the standard with our actions. We believe today’s ESG commitments are an important step forward for AIG, the clients we serve and the global communities where we live and work,” said Peter Zaffino, Chairman & CEO, AIG.
“AIG is focused on the realities of climate change. The data about climate change is unambiguous and we believe that AIG can be a catalyst for positive change as it relates to sustainability advancements and renewable energy expansion,” he said.
The specific actions AIG announced today include:
Committed to reach Net Zero GHG emissions across its underwriting and investments portfolios by 2050, or sooner;
-Reaffirmed last year’s operational Net Zero commitment by 2050, or sooner;
-Committed to 100 percent Renewable Energy for AIG’s operations by 2030, or sooner;
-Committed to using science-based emissions reduction targets, aligning with the latest climate science to meet the goals of the Paris Agreement;
-With immediate effect, committed to no longer invest in or provide insurance for construction of any new coal-fired power plants, thermal coal mines or oil sands;
-With immediate effect, committed to no longer invest in or underwrite new operation insurance risks of coal-fired power plants, thermal coal mines or oil sands for those clients that derive 30 percent or more of their revenues from these industries, or generate more than 30 percent of their energy production from coal;
-Committed to phasing out the underwriting of all existing operation insurance risks and ceasing new investments in those clients that derive 30 percent or more of their revenues from coal-fired power, thermal coal mines or oil sands, or generate more than 30 percent of their energy production from coal by Jan. 1, 2030, or sooner; and
– With immediate effect, committed to not investing in or providing insurance cover for any new Arctic energy exploration activities.
“We are committed to a transparent journey toward sustainability advancement. We are having constructive discussions with all our stakeholders on this important issue and look forward to reporting progress. We will work together with our clients and distribution partners, in particular, to ensure an ongoing transition to a Net Zero future and provide guidance on feasible solutions designed to help manage climate-related risks,”,” said Constance Hunter, Executive Vice President, Global Head of Strategy and ESG.
In the coming months AIG will share science-based targets as part of its Net Zero roadmap, including for its planned phase-out of fossil fuels, and will continue to evolve its ESG framework to drive consistent progress across the company.