AIG has announced a commitment to achieve Net Zero greenhouse gas 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.
The specific actions AIG announced today include:
- Reaffirmed last year’s operational Net Zero commitment by 2050, or sooner;
- Committed to 100% 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% or more of their revenues from these industries, or generate more than 30% 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% or more of their revenues from coal-fired power, thermal coal mines or oil sands, or generate more than 30% 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.
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.
Additional details and disclosures on AIG’s climate and sustainability strategy can be found in the company’s 2020 ESG Report, available at aig.com/about-us/sustainability. The 2021 ESG Report will be published later this year.