{"id":4790,"date":"2023-10-02T18:17:06","date_gmt":"2023-10-02T16:17:06","guid":{"rendered":"https:\/\/global.insure-our-future.com\/?p=4790"},"modified":"2024-06-12T12:59:51","modified_gmt":"2024-06-12T12:59:51","slug":"tokio-marine-sets-intermediate-decarbonization-target-in-an-ambition-and-impact-lacking-move","status":"publish","type":"post","link":"https:\/\/japan.insure-our-future.com\/en\/2023\/10\/02\/tokio-marine-sets-intermediate-decarbonization-target-in-an-ambition-and-impact-lacking-move\/","title":{"rendered":"Tokio Marine&#8217;s intermediate decarbonisation target lacks ambition and impact"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Tokyo, 2 October 2023 &#8211; On September 29th, Tokio Marine, Japan\u2019s biggest property and casualty insurer and the 7th* biggest globally, announced its &#8220;<\/span><a href=\"https:\/\/www.tokiomarinehd.com\/en\/release_topics\/release\/2023\/k82ffv000000grgr-att\/20230929_engagement_e.pdf\"><span style=\"font-weight: 400;\">Interim Target for 2030 for the Transition to a Decarbonized Society<\/span><\/a><span style=\"font-weight: 400;\">&#8220;. It has set an engagement target within its domestic subsidiary, Tokio Marine &amp; Nichido Fire Insurance Co., Ltd. (TMNF), to engage with 200 major customers, which account for about 90% of greenhouse gas (GHG) emissions in its underwriting portfolio, and achieve level 2 or higher dialogue with more than 160 customers by 2030 (see chart below).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tokio Marine has become the first Japanese insurer to set an intermediate target, however the commitment is extremely limited. Instead of following its global peers AXA and Allianz, and setting a GHG emissions reduction target in its underwriting portfolio, Tokio Marine has limited its ambition to engagement in a move that lacks impact and scope.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By comparison, <\/span><a href=\"https:\/\/www-axa-com.cdn.axa-contento-118412.eu\/www-axa-com\/6caad3e0-bf63-48b5-a3c4-78c904b26fbb_axa_climate_and_biodiversity_report_2023_va.pdf\"><span style=\"font-weight: 400;\">AXA has committed to reduce the emissions of its major clients for its underwriting business by 30% by 2030<\/span><\/a><span style=\"font-weight: 400;\">, and<\/span><a href=\"https:\/\/global.insure-our-future.com\/allianzs-transition-plan-bold-but-with-serious-loopholes\/\"><span style=\"font-weight: 400;\"> Allianz has committed to cut the emissions from its underwriting business by 45% by 2030<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is unclear how Tokio Marine will ensure its customer\u2019s transition towards a maximum 1.5\u00b0C warming target, in line with the Paris Agreement, as it has not published a bold action plan in its engagement target in case of failure to cut GHG emissions. Another major loophole in the engagement target is that it is only limited to its domestic subsidiary, TMNF, and doesn&#8217;t include Tokio Marine Kiln, its major international fossil fuel underwriter.\u00a0<\/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\">Campaigner for Japan Center for a Sustainable Environment and Society (JACSES)<\/div>        <\/div>\n        <div class=\"quote-text\">\n\t\t\t<p>\u201cThe effectiveness of Tokio Marine\u2019s targets, based on engagement, is questionable as no meaningful counter measures are included should one of its customers fail to adopt sufficient decarbonisation plans. Tokio Marine should publish a clear 2030 target to reduce their insured GHG emission, as AXA and Allianz have done.\u201d\u00a0<\/p>\n        <\/div>\n<\/div>\n<p><span style=\"font-weight: 400;\">On May 29th, <\/span><a href=\"https:\/\/global.insure-our-future.com\/three-major-japanese-non-life-insurers-left-nzia-and-failed-to-disclose-the-intermediate-targets-by-deadline-ngos-urge-insurers-to-set-intermediate-targets-for-emissions-of-their-underwritin\/\"><span style=\"font-weight: 400;\">Tokio Marine left the UN-convened Net Zero Insurance Alliance (NZIA), along with 2 other major Japanese insurers, MS&amp;AD and SOMPO, <\/span><\/a><span style=\"font-weight: 400;\">under pressure from the fossil fuel lobby in the US. On exiting, Tokio Marine announced<\/span><a href=\"https:\/\/www.tokiomarinehd.com\/en\/release_topics\/topics\/2023\/k82ffv000000fwbu-att\/20230529_NZIA_e.pdf\"><span style=\"font-weight: 400;\"> that it will continue to tackle climate change<\/span><\/a><span style=\"font-weight: 400;\">, however its weak 2030 interim targets raises questions about the company\u2019s commitment.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As one of the world\u2019s largest insurers, Tokio Marine must immediately set an intermediate GHG emissions reduction target and strengthen its engagement target and underwriting policy to exit from fossil fuels.<\/span><\/p>\n<div class=\"entry-quote-item\">\n        <div class=\"quote-author\">\n\t\t\t<h4 class=\"name\">Peter Bosshard<\/h4><div class=\"title\">Global Coordinator of Insure Our Future<\/div>        <\/div>\n        <div class=\"quote-text\">\n\t\t\t<p>\u201cInsurance companies like Tokio Marine have engaged fossil fuel companies in a dialogue about the net zero transition for many years, without any tangible impact. The oil and gas industry has expanded its production, and major companies have walked back their net zero commitments. In the face of the climate emergency, Tokio Marine should stop playing games and cease insuring any new fossil fuel projects immediately.\"<\/p>\n        <\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400;\">Level<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Topics<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Activities<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">1<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Identify issues<\/span><\/td>\n<td>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Understand customer\u2019s decarbonization plans and initiatives based on the company\u2019s management plan, IR reports, etc., while also presenting an overview of our potentially relevant decarbonization solutions.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">2<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Proposal based on <\/span><span style=\"font-weight: 400;\">identified issues<\/span><\/td>\n<td>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Working in collaboration with our clients, provide concrete solutions after developing a shared understanding of issues.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u00a0Support for adopting renewable energy technologies, risk assessment, and writing insurance to mitigate risks.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Advisory on climate change-related information disclosure and formulation of decarbonization plan, etc.,<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">3<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Provide insurance and <\/span><span style=\"font-weight: 400;\">related solutions<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Support customers\u2019 transition through our delivery of solutions and insurance services.\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><a href=\"https:\/\/www.tokiomarinehd.com\/en\/release_topics\/release\/2023\/k82ffv000000grgr-att\/20230929_engagement_e.pdf\"><span style=\"font-weight: 400;\">via Engagement Target to Support the Transition to a Decarbonized Society (Tokio Marine)<\/span><\/a><\/p>\n<p><a href=\"http:\/\/jacses.org\/2239\/\"><span style=\"font-weight: 400;\">See Joint Statement via Japan Center for a Sustainable Environment and Society (JACSES), Kiko Network, Friends of the Earth Japan, 350.org Japan, Mekong Watch and Insure Our Future<\/span><\/a><\/p>\n<p><span style=\"font-weight: 400;\">* According to the data from <\/span><a href=\"https:\/\/www.insuramore.com\/\"><span style=\"font-weight: 400;\">Insuramore<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tokyo, 2 October 2023 &#8211; On September 29th, Tokio Marine, Japan\u2019s biggest property and casualty insurer and the 7th* biggest globally, announced its &#8220;Interim Target for 2030 for the Transition to a Decarbonized Society&#8220;. It has set an engagement target within its domestic subsidiary, Tokio Marine &amp; Nichido Fire Insurance Co., Ltd. (TMNF), to engage &hellip;<\/p>\n","protected":false},"author":4,"featured_media":4797,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[36],"post_country":[53],"post_company":[50],"post_project":[],"class_list":["post-4790","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&#039;s intermediate decarbonisation target lacks ambition and impact - 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\/2023\/10\/02\/tokio-marine-sets-intermediate-decarbonization-target-in-an-ambition-and-impact-lacking-move\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tokio Marine&#039;s intermediate decarbonisation target lacks ambition and impact - Insure Our Future Japan\" \/>\n<meta property=\"og:description\" content=\"Tokyo, 2 October 2023 &#8211; On September 29th, Tokio Marine, Japan\u2019s biggest property and casualty insurer and the 7th* biggest globally, announced its &#8220;Interim Target for 2030 for the Transition to a Decarbonized Society&#8220;. 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