Insurance giant is the first Japanese firm to join three net zero alliances under the umbrella of the Glasgow Financial Alliance for Net Zero
Sompo Holdings’s chairman & Group CEO Kengo Sakurada has announced the company has joined the Net-Zero Insurance Alliance, which aims to achieve net-zero GHG emissions in its underwriting portfolio.
NZIA was set up in the run-up to COP26 as an industry-wide commitment to transition underwriting portfolios consistent with a maximum temperature rise of 1.5°C above pre-industrial levels by 2100.
”By joining the NZIA, these insurers and reinsurers are demonstrating the key role of the insurance industry as risk managers, insurers and investors in supporting the transition to a net-zero economy,” said Sompo.
Currently, NZIA has 26 member companies which account for close to 15% of global insurance premiums.
”Through our membership in NZIA, the Sompo Group will accelerate its efforts to achieve net-zero GHG emissions of the group, and will contribute to the transformation of society by leveraging its financial functions,” announced Sakurada in a statement.
”In addition, the Sompo Group has already been a member of ’NZAM: Net Zero Asset Managers’ Initiative’ and ’NZAOA: Net Zero Asset Owners’ Alliance’, so with its recent membership in the NZIA, the company has become the first Japanese company to join three net zero alliances under the umbrella of the Glasgow Financial Alliance for Net Zero (GFANZ), a global alliance of financial institutions aiming to achieve net-zero GHG emissions by 2050.”
“The UN-convened Net-Zero Insurance Alliance (NZIA) brings together a group of the world’s leading insurers and reinsurers to play their part in accelerating the transition to net-zero emissions economies.”