On Breakingviews: Most insurers have quit their industry’s UN-backed climate body. Sector specifics and fear of US lawsuits partly explain why, but so do European governments focusing on energy security rather than net-zero targets, writes pamela_msg
Attendees stand during the COP27 climate summit in Sharm el-Sheikh, Egypt, November 9, 2022. REUTERS/Mohamed Abd El Ghany
LONDON, June 19 - Global insurers are testing the limits of United Nations-backed green bodies. Back in March the Net-Zero Insurance Alliance boasted 30 members, representing about 15% of global premium volume. Now the NZIA, a key financial forum for insurers to set decarbonisation targets and a part of the Glasgow Financial Alliance for Net Zero , hasOn the face of it, insurers are jumping ship because of the United States.
But U.S. exceptionalism is far from the whole story. While the European Union has vowed to ditch Russian oil and gas by 2027 and replaced around two-thirds of Russian gas last year, the 2022 energy security crisis means domestic politicians are far more focused on fossil fuels from other sources. Countries like Germany are boosting their reliance on coal to power their economies. Last year, coal-generated electricity in Europe’s biggest economy rose 8.
So far, non-insurance financial groups are broadly sticking with GFANZ. But that’s partly because it has become easier to do so. Last year the umbrella body had to
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