The insurer is stepping out of a net zero alliance it helped set up, as net zero alliances continue to lose members.
Zurich is leaving the Net Zero Insurance Alliance (NZIA), «after the NZIA established a standardized methodology for measuring and disclosing greenhouse gas (GHG) emissions», it said in an emailed statement following a «Reuters» report of the withdrawal.
Munich Re, also a founding member of the NZIA, said on Friday it was leaving the group due to the pressure related to antitrust laws, the news report said.
ESG Backlash
Last year some financial institutions backtracked on their net-zero commitments out of fear of being boycotted in certain oil-rich US states accusing them of breaching antitrust laws, as finews.com reported.
«We continue to remain fully committed to our sustainability ambitions and to supporting the net-zero transition, » Zurich Insurance added in its statement.
