AIG commits to Net Zero Greenhouse Gas (GHG) Emissions by 2050

Published on: 01 March 2022
AIG-gas

AIG will aim for Net Zero greenhouse gas emissions by 2050, if not sooner. This commitment adds to AIG's earlier pledge to achieve Net Zero GHG emissions by 2050. AIG won't insure new coal-fired power plants, thermal coal mines, or oil sands. In coming months, the company will share science-based Net Zero targets.

American International Group, Inc. (NYSE: AIG) announced today that it will strive for Net Zero greenhouse gas (GHG) emissions across its global underwriting and investment portfolios by 2050, if not sooner. This new commitment supplements AIG's previously announced commitment to achieve Net Zero GHG emissions within its own operations by 2050, or sooner.

"Leading change in a changing world necessitates being an action company - and, as a market leader, AIG is committed to setting the standard with our actions. We believe today's ESG commitments are a significant step forward for AIG, our clients, and the global communities in which we live and work,"

said Peter Zaffino, Chairman and CEO of AIG.

"AIG is concentrating on the realities of climate change." Climate change data is unambiguous, and we believe AIG can be a catalyst for positive change in terms of sustainability advancements and renewable energy expansion."

AIG announced the following specific actions today:

Committed to achieving Net Zero GHG emissions across its underwriting and investment portfolios by 2050, if possible; Reaffirmed the operational Net Zero commitment made last year by 2050, or sooner;

AIG has committed to using 100 percent renewable energy in its operations by 2030, or sooner;

Committed to using science-based emission reduction targets that are in line with the most recent climate science in order to meet the Paris Agreement's goals;

With immediate effect, committed to no longer investing in or providing insurance for the construction of any new coal-fired power plants, thermal coal mines, or oil sands;

Committed to not investing in or providing insurance coverage for any new Arctic energy exploration activities with immediate effect. Constance Hunter, Executive Vice President, Global Head of Strategy and ESG, stated,

"We are committed to a transparent journey toward sustainability advancement. On this critical issue, we are having constructive discussions with all of our stakeholders and look forward to reporting progress. We will collaborate with our clients and distribution partners, in particular, to ensure a continuous transition to a Net Zero future and to provide guidance on feasible solutions for managing climate-related risks."

AIG will share science-based targets as part of its Net Zero roadmap in the coming months, including plans to phase out fossil fuels, and will continue to evolve its ESG framework to drive consistent progress across the company.

AIG's climate and sustainability strategy is detailed and disclosed further in the company's 2020 ESG Report, which is available at aig.com/about-us/sustainability. The ESG Report for 2021 will be released later this year.

Source: AIG news

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