With the backlash from Republicans in the House and in states the insurers feel free to bot be involved in the scam. Except, there’s a wee bit of a problem
Insurers flee climate alliance after ESG backlash in the U.S
A United Nations-convened climate alliance for insurers suffered at least three more departures on Thursday including the group’s chair, as insurance companies take fright in the face of opposition from U.S. Republican politicians.
At least seven members of the Net-Zero Insurance Alliance (NZIA), which launched in 2021, have now left including five of the eight founding signatories.
Departures on Thursday included AXA, whose Group Chief Risk Officer Renaud Guidée had chaired the alliance. The French insurer said in a statement it was leaving to “continue its individual sustainability journey.” Germany’s Allianz and French reinsurer SCOR also quit.
NZIA, part of the Glasgow Financial Alliance for Net Zero set up by U.N. climate envoy Mark Carney, requires members to commit to reducing their greenhouse gas emissions.
The group has been buffeted by growing political opposition from some Republicans in the United States, who say the group could be violating antitrust laws by working together to reduce clients’ carbon emissions.
How many of these insurers actually operate in the U.S.? Hence, Republican policies would have little to no effect on these insurance companies. It looks more like these companies are realizing that all this ESG and climate scam stuff is not good for the bottom line, and are certainly getting pushback from consumers and, more importantly, investors. And now that the United States is pushing back on all that crap they’re taking the hint to get back to proper business practices.
One company is involved in the US
This month 23 U.S. state attorneys general told NZIA members that the group’s targets and requirements appeared to violate both federal and state antitrust laws.
They gave insurers a month to respond in a May 15 letter – the latest salvo from the Republicans against financial institutions factoring environmental, social and governance-related (ESG) factors into their decision making.
So, it’s basically almost a crime racket. Good to know.
