{"id":4245,"date":"2022-10-12T15:08:11","date_gmt":"2022-10-12T13:08:11","guid":{"rendered":"https:\/\/global.insure-our-future.com\/?p=4245"},"modified":"2024-06-12T13:11:59","modified_gmt":"2024-06-12T13:11:59","slug":"tokio-marines-latest-climate-policy-falls-short-of-global-peers","status":"publish","type":"post","link":"https:\/\/japan.insure-our-future.com\/en\/2022\/10\/12\/tokio-marines-latest-climate-policy-falls-short-of-global-peers\/","title":{"rendered":"Tokio Marine\u2019s latest climate policy falls short of global peers"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">On 30 September 2022, Tokio Marine, Japan&#8217;s biggest international insurer, <\/span><a href=\"https:\/\/www.tokiomarinehd.com\/en\/release_topics\/release\/k82ffv000000efol-att\/20220930_Climate_Strategy_e.pdf\"><span style=\"font-weight: 400;\">updated its climate policy<\/span><\/a><span style=\"font-weight: 400;\"> to rule out new underwriting and investment in tar sands mining and oil and gas explorations in the Arctic areas. While Insure our Future welcomes the company\u2019s commitment to stop supporting some extreme fossil fuels projects, considering its presence in the global oil and gas market, Tokio Marine must ramp up its oil and gas restrictions to catch up with its 13 global peers including <\/span><a href=\"https:\/\/www.allianz.com\/content\/dam\/onemarketing\/azcom\/Allianz_com\/responsibility\/documents\/Allianz-Statement-oil-gas-business-models.pdf\"><span style=\"font-weight: 400;\">Allianz<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/reports.swissre.com\/2021\/assets\/pdf\/AR21_SURE_Sustainability_Report_2021.pdf\"><span style=\"font-weight: 400;\">Swiss Re<\/span><\/a><span style=\"font-weight: 400;\">, and most recently, <\/span><a href=\"https:\/\/global.insure-our-future.com\/worlds-largest-reinsurer-announces-major-new-oil-and-gas-policy\/\"><span style=\"font-weight: 400;\">Munich Re<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tokio Marine is one of the world\u2019s top 10 Property and Casualty insurance companies in the oil and gas sector, which underwrite some of the most controversial fossil fuel projects around the world. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">A new<\/span> <a href=\"https:\/\/u6p9s9c8.rocketcdn.me\/site\/wp-content\/uploads\/2022\/10\/2022.10.05_Reclaim-Finance_Report_Ichthys-LNG-Risky-support-from-the-insurance-industry.pdf\"><span style=\"font-weight: 400;\">report<\/span><\/a><span style=\"font-weight: 400;\"> reveals that Tokio Marine underwrote one the biggest and dirtiest Liquified Natural Gas (LNG) projects off the coast of Australia: Ichthys LNG. Tokio Marine was also found to be one of the <\/span><a href=\"https:\/\/global.insure-our-future.com\/fuelling-climate-change\/\"><span style=\"font-weight: 400;\">biggest contributors<\/span><\/a><span style=\"font-weight: 400;\"> of the offshore oil expansion in Brazil, threatening the livelihood of local communities and the sensitive ecosystem around the Great Amazon Reef. In Asia, Tokio Marine was the <\/span><a href=\"https:\/\/global.insure-our-future.com\/last-resort\/\"><span style=\"font-weight: 400;\">second largest underwriter<\/span><\/a><span style=\"font-weight: 400;\"> of one of the <\/span><a href=\"https:\/\/fossilfreejapan.org\/the-5-reasons-the-vung-ang-2-coal-power-plant-is-a-financial-and-environmental-disaster\/\"><span style=\"font-weight: 400;\">dirtiest coal power plants<\/span><\/a><span style=\"font-weight: 400;\"> in Vietnam: Vung Ang 2.<\/span><\/p>\n<figure id=\"attachment_4246\" aria-describedby=\"caption-attachment-4246\" style=\"width: 1071px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4246 size-full\" src=\"https:\/\/global.insure-our-future.com\/wp-content\/uploads\/sites\/2\/2022\/10\/Screen-Shot-2022-10-12-at-8.59.58-am.png\" alt=\"\" width=\"1071\" height=\"935\" \/><figcaption id=\"caption-attachment-4246\" class=\"wp-caption-text\">Visit our webpage to learn more about Tokio Marine\u2019s polluting policies: pollutingtheplanet.com<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Tokio Marine\u2019s has also failed to rule out insurance of <\/span><a href=\"https:\/\/www.stopeacop.net\/home\"><span style=\"font-weight: 400;\">the East African Crude Oil Pipeline (EACOP)<\/span><\/a><span style=\"font-weight: 400;\">, the world\u2019s most controversial pipeline project. If built, EACOP would be the world\u2019s longest heated crude oil pipeline. The pipeline would connect from Uganda to Tanzania, violating the human rights of over 100,000 local residents, and releasing a significant amount of greenhouse gas (GHG) once the project starts operating. Thousands of people from across the world rose up and joined the <\/span><a href=\"https:\/\/global.insure-our-future.com\/people-from-across-the-globe-are-coming-together-to-demand-marshdropeacop\/\"><span style=\"font-weight: 400;\">#MarshDropEACOP<\/span><\/a><span style=\"font-weight: 400;\"> campaign to urge the world\u2019s biggest insurance broker, Marsh to stop brokering insurance for the EACOP. Tokio Marine should join its 17 global peers and clearly state that it will never be involved in the world\u2019s worst pipeline project.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Four year old Chichi is worried of the future <a href=\"https:\/\/twitter.com\/hashtag\/EACOP?src=hash&amp;ref_src=twsrc%5Etfw\">#EACOP<\/a> is planning for him because he watched fellow children in Nigeria on TV die because of oil spills.<\/p>\n<p>His future is going to be stollen like many children in Africa.<\/p>\n<p>He asks <a href=\"https:\/\/twitter.com\/hashtag\/MarshDropEACOP?src=hash&amp;ref_src=twsrc%5Etfw\">#MarshDropEACOP<\/a><br \/>\n<a href=\"https:\/\/twitter.com\/hashtag\/StopEACOP?src=hash&amp;ref_src=twsrc%5Etfw\">#StopEACOP<\/a> <a href=\"https:\/\/t.co\/kqvesu2pk1\">pic.twitter.com\/kqvesu2pk1<\/a><\/p>\n<p>\u2014 Fridays For Future Uganda (@Fridays4FutureU) <a href=\"https:\/\/twitter.com\/Fridays4FutureU\/status\/1541822684904001537?ref_src=twsrc%5Etfw\">June 28, 2022<\/a><\/p><\/blockquote>\n<h4><strong>NGOs take action at Tokio Marine\u2019s AGM<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">On 27 June 2022, climate activists gathered in front Tokio Marine\u2019s Annual General Meeting (AGM) venue, urging the company to immediately stop underwriting some of the most controversial fossil fuel projects that drive the climate catastrophe.\u00a0<\/span><\/p>\n<p><a title=\"2022-06-27 Tokio Marine AGM 2022\" href=\"https:\/\/www.flickr.com\/photos\/insureourfuture\/albums\/72177720300053191\" data-flickr-embed=\"true\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/live.staticflickr.com\/65535\/52207634813_db2b540305_z.jpg\" alt=\"2022-06-27 Tokio Marine AGM 2022\" width=\"640\" height=\"480\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">According to the NGO members who attended the AGM, although the issue of climate change was highlighted at the meeting, Tokio Marine only mentioned that it is planning to gradually improve its climate policy without committing to a concrete timeline.<\/span><\/p>\n<h4><strong>Investors engage with Tokio Marine to align with 1.5\u00b0C target<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">In addition to NGOs, investors are also demanding that Tokio Marine align its business activities with the Paris Agreement. Following the AGM, JACSES sent <\/span><a href=\"http:\/\/jacses.org\/1879\/\"><span style=\"font-weight: 400;\">a letter<\/span><\/a><span style=\"font-weight: 400;\"> to 50 shareholders of Tokio Marine urging investors to engage with the company to align its business with the Paris Agreement. Some of Tokio Marine\u2019s shareholders, including one of the largest Japanese asset management companies, <\/span><a href=\"http:\/\/jacses.org\/1939\/\"><span style=\"font-weight: 400;\">responded positively to the letter<\/span><\/a><span style=\"font-weight: 400;\"> that they will continue to engage with Tokio Marine to set a long-term goal and build a path to achieve net-zero.<\/span><\/p>\n<div class=\"entry-quote-item\">\n        <div class=\"quote-author\">\n\t\t\t<h4 class=\"name\">Yuki Tanabe<\/h4><div class=\"title\">Program Coordinator, JACSES<\/div>        <\/div>\n        <div class=\"quote-text\">\n\t\t\t<p>\u201cInvestors are also concerned that Tokio Marine doesn't have a concrete policy or plans to achieve the net-zero goal of its insurance portfolio\u201d.\u00a0<\/p>\n        <\/div>\n<\/div>\n<h4><strong>Tokio Marine\u2019s carbon neutrality claim does not take into account its insurance underwriting and investments<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">In a report released on 13 September 2022, Tokio Marine claims that the Group\u2019s overall business activities in 2021 were <\/span><a href=\"https:\/\/www.tokiomarinehd.com\/en\/release_topics\/release\/k82ffv000000e75c-att\/20220913_carbon_e.pdf\"><span style=\"font-weight: 400;\">&#8220;carbon neutral&#8221;<\/span><\/a><span style=\"font-weight: 400;\">. The restoration of Mangrove forests would have some positive impacts on the local ecology and some carbon fixation; however, a question remains: how will Tokio Marine take responsibility for the emissions<\/span><span style=\"font-weight: 400;\"> missing from the calculation \u2014 emissions from its insurance underwriting and investment portfolio?<\/span><\/p>\n<h4><strong>Tokio Marine\u2019s fossil fuel policy is far from what is required from a net-zero committed insurer<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">Tokio Marine is a member of the <\/span><a href=\"https:\/\/www.unepfi.org\/net-zero-insurance\/\"><span style=\"font-weight: 400;\">Net-Zero Insurance Alliance (NZIA)<\/span><\/a><span style=\"font-weight: 400;\">, an initiative that aims to achieve net-zero GHG emissions from insurance underwriting portfolios by 2050. The membership automatically also makes it a member of <\/span><a href=\"https:\/\/www.gfanzero.com\/\"><span style=\"font-weight: 400;\">the Glasgow Financial Alliance for Net-Zero (GFANZ)<\/span><\/a><span style=\"font-weight: 400;\"> and the UN-backed <\/span><a href=\"https:\/\/racetozero.unfccc.int\/\"><span style=\"font-weight: 400;\">Race to Zero<\/span><\/a><span style=\"font-weight: 400;\"> campaign, which <\/span><a href=\"https:\/\/climatechampions.unfccc.int\/criteria-consultation-3-0\/\"><span style=\"font-weight: 400;\">updated its criteria<\/span><\/a><span style=\"font-weight: 400;\"> calling all the members to \u201c<\/span><i><span style=\"font-weight: 400;\">phase down and out all unabated fossil fuels<\/span><\/i><span style=\"font-weight: 400;\">&#8221;. Although the methodology to calculate the amount of emissions from insurance portfolios is under development, Tokio Marine\u2019s global peers in the NZIA including <\/span><a href=\"https:\/\/www.allianz.com\/content\/dam\/onemarketing\/azcom\/Allianz_com\/responsibility\/documents\/Allianz-Statement-oil-gas-business-models.pdf\"><span style=\"font-weight: 400;\">Allianz<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/reports.swissre.com\/2021\/assets\/pdf\/AR21_SURE_Sustainability_Report_2021.pdf\"><span style=\"font-weight: 400;\">Swiss Re<\/span><\/a><span style=\"font-weight: 400;\"> are taking action by committing not to insure new oil and gas development projects.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We urge Tokio Marine to catch up with its peers and strengthen its underwriting policy with science-based 1.5<\/span><span style=\"font-weight: 400;\">\u00b0<\/span><span style=\"font-weight: 400;\">C pathways including the<\/span><a href=\"https:\/\/www.iea.org\/reports\/net-zero-by-2050\"> <span style=\"font-weight: 400;\">International Energy Agency (IEA) Net Zero scenario<\/span><\/a><span style=\"font-weight: 400;\"> and the<\/span><a href=\"https:\/\/www.unepfi.org\/publications\/one-earth-climate-model-sectoral-pathways-to-net-zero-emissions\/\"> <span style=\"font-weight: 400;\">One Earth Climate Model (OECM) Decarbonization Pathway<\/span><\/a><span style=\"font-weight: 400;\">, which tells us that no new oil and gas projects can be developed in the 1.5<\/span><span style=\"font-weight: 400;\">\u00b0<\/span><span style=\"font-weight: 400;\">C scenario. As a net-zero committed insurer, Tokio Marine should commit to:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Close loopholes to underwrite new coal power plants and coal mines.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Immediately cease insuring coal companies, unless they have a coal exit plan that commits to close all coal-related assets by 2030 in EU\/OECD countries and by 2040 globally.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Immediately cease insuring new oil and gas exploration and production, and start to phase out insurance for oil and gas companies in line with a 1.5\u00b0C pathway.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Divest all assets, including assets managed for third parties, from coal, oil and gas companies that are not aligned with a 1.5\u00b0C pathway.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Bring stewardship activities, membership of trade associations and public positions as a shareholder and corporate citizen in line with a 1.5\u00b0C pathway in a transparent way.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Establish robust due diligence and verification mechanisms to ensure clients fully respect and observe all human rights, including the right to Free, Prior and Informed Consent (FPIC) as articulated in the UN Declaration on the Rights of Indigenous Peoples.<\/span><\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>On 30 September 2022, Tokio Marine, Japan&#8217;s biggest international insurer, updated its climate policy to rule out new underwriting and investment in tar sands mining and oil and gas explorations in the Arctic areas. While Insure our Future welcomes the company\u2019s commitment to stop supporting some extreme fossil fuels projects, considering its presence in the &hellip;<\/p>\n","protected":false},"author":4,"featured_media":4812,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"post_country":[53],"post_company":[50],"post_project":[],"class_list":["post-4245","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tokio Marine\u2019s latest climate policy falls short of global peers - Insure Our Future Japan<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/japan.insure-our-future.com\/en\/2022\/10\/12\/tokio-marines-latest-climate-policy-falls-short-of-global-peers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tokio Marine\u2019s latest climate policy falls short of global peers - Insure Our Future Japan\" \/>\n<meta property=\"og:description\" content=\"On 30 September 2022, Tokio Marine, Japan&#8217;s biggest international insurer, updated its climate policy to rule out new underwriting and investment in tar sands mining and oil and gas explorations in the Arctic areas. 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