Hints and tips:
...The Net-Zero Insurance Alliance is a UN-convened body that commits insurers and reinsurers to reducing greenhouse gas emissions tied to their underwriting, as part of a finance sector initiative led by former...
...void because a key lending programme provided by Greensill Capital to Gupta companies was a “sham”, relevant information provided to it was false, and one of Zurich’s own employees had exceeded his own underwriting...
...Those insurers now departing the net zero alliance are still largely expected to continue to disclose the greenhouse gas emissions associated with their underwriting, in the framework provided by the Partnership...
...For example, the net zero insurance alliance has said it cannot compel its members to stop underwriting of thermal coal mines, the dirtiest fossil fuel, without risking accusations of anti-competitive behaviour...
...in underwriting the project....
...The NZIA launched two years ago for insurers pledging to set net zero targets and measure the climate impact of their underwriting portfolios....
...linked to their underwriting....
...The real risks of climate change to underwriting business, loan books and portfolio companies are reason to think work on net zero will continue outside alliances....
...of members’ underwriting — after warnings from US political figures that had sent insurance groups scrambling for the exit....
...JPMorgan provided $39.2bn of lending and underwriting services to fossil fuel companies in 2022, according to calculations by the Rainforest Action Network....
...Munich Re said it was remaining part of the Net-Zero Asset Owner Alliance, which applies to groups’ investments rather than their underwriting....
...alliance....
...Acknowledging that Lloyd’s does not require its own members to stop underwriting new oil and gas projects, he said this type of decision was best left to politicians and negotiators....
...Liberty Mutual said it was continuing to implement its coal policy across its underwriting portfolio towards a target timeline of the end of 2023....
...White Oak was one of the firms to invest in Greensill’s ill-fated receivables scheme, arising from goods and services sold by Liberty Commodities, part of Sanjeev Gupta’s GFG Alliance....
...Without a more comprehensive endorsement, Gavi, the multilateral vaccine alliance, and other donors did not pledge funding. That left GSK exposed to risks that could have halted production....
...Mark Carney’s Glasgow Financial Alliance for Net Zero was launched with great fanfare at the COP26 in Glasgow in 2021 but has come under attack from Republican politicians in the US. Read more 5....
...That is, it must be widely accepted, fungible between financial assets and real-world goods and services, and useful for invoicing transactions and underwriting loans across borders....
...It found that 43 of the banks, including RBC and JPMorgan, were part of the Net Zero Banking Alliance, whose members have committed to take action on climate, while 49 had pledged net zero emissions....
...Lloyd’s of London, a key insurance market for the energy sector, has also cited competition rules as a reason it cannot ban its underwriting firms from insuring carbon-heavy sectors....
...It has this huge network of security alliances with democracies in Asia, in Europe....
...Until now, net zero targets by financial institutions have mostly focused on lending and underwriting services for listed companies....
...Banks, insurers and asset managers could face fines of up to 5 per cent of global revenues for financing or underwriting companies accused of human rights and environmental violations....
...It has, to a large extent, been playing catch-up with other groupings in the umbrella body Carney founded, the Glasgow Financial Alliance for Net Zero....
...It said campaigns such as Race to Zero and alliances like the Glasgow Financial Alliance for Net Zero, which is chaired by Carney, “must reinforce high-quality voluntary efforts and consolidate best practices...
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