{"id":5790,"date":"2024-07-09T15:22:00","date_gmt":"2024-07-09T15:22:00","guid":{"rendered":"https:\/\/japan.insure-our-future.com\/?p=5790"},"modified":"2024-07-10T13:20:43","modified_gmt":"2024-07-10T13:20:43","slug":"sompo-stop-underwriting-rio-grande-lng","status":"publish","type":"post","link":"https:\/\/japan.insure-our-future.com\/en\/2024\/07\/09\/sompo-stop-underwriting-rio-grande-lng\/","title":{"rendered":"SOMPO: Stop Underwriting Rio Grande LNG"},"content":{"rendered":"<p style=\"text-align: center;\"><b><i>Japanese insurance major\u2019s support for the controversial gas project draws protests at annual general meeting\u00a0<\/i><\/b><\/p>\n<p><b>TOKYO, JAPAN \u2013 JUNE 24, 2024 \u2013 <\/b><span style=\"font-weight: 400;\">Today, environmental NGOs including Rainforest Action Network and <\/span><span style=\"font-weight: 400;\">the Japan Center for a Sustainable Environment and Society<\/span><span style=\"font-weight: 400;\"> gathered in front of SOMPO\u2019s Annual General Meeting (AGM) to demand the Japanese insurance giant stop underwriting the Rio Grande LNG project. The protest comes on the heels of a <\/span><a href=\"https:\/\/jacses.org\/wp_jp\/wp-content\/uploads\/2019\/10\/RGV_-Sompo-Letter-June-2024.pdf\"><span style=\"font-weight: 400;\">letter <\/span><\/a><span style=\"font-weight: 400;\">signed by 28 civil society organisations from the United States, Japan, and other countries to SOMPO\u2019s CEO, Mr. Mikio Okumura, urging the company to stop underwriting and investing in this highly controversial LNG export terminal being planned in Brownsville, Texas, United States and all oil, gas, and coal projects around the world.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If built, Rio Grande LNG would damage the sacred lands of the <\/span><span style=\"font-weight: 400;\">Carrizo\/Comecrudo Tribe, where<\/span><span style=\"font-weight: 400;\"> burials, village remains, and discrete shell working areas reside. This is a violation of human rights according to the United Nations Declaration on the Rights of Indigenous Peoples. Rio Grande LNG will also be a carbon bomb <\/span><a href=\"https:\/\/www.sierraclub.org\/dirty-fuels\/us-lng-export-tracker\"><span style=\"font-weight: 400;\">projected to emit Greenhouse gases (GHG) equivalent to 43 coal plants annually<\/span><\/a><span style=\"font-weight: 400;\">, pollute the air and water of neighboring communities, and destroy natural habitats of threatened species such as Ocelot, Northern Aplomado Falcon, Rice\u2019s Whale, and Kemp\u2019s Ridley Sea Turtle.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8220;Our community and the Carrizo\/Comecrudo Tribe of Texas have made it clear that we oppose Rio Grande LNG and any LNG facility in our region because these fossil fuel projects would destroy our way of life that depends on a clean environment and fishing and shrimping. Sompo must immediately withdraw from Rio Grande LNG because staying involved would be just another example of a corporation forcing their will and pollution on low-income people of color and Indigenous communities.&#8221; \u2014 <\/span><i><span style=\"font-weight: 400;\">Bekah Hinojosa, South Texas Environmental Justice Network\u00a0\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">&#8220;If Sompo is serious about climate impacts and risk, then they should end their underwriting and support for fossil fuel projects. Sompo is a main insurer of Rio Grande LNG, a proposed methane export terminal located in southern Texas, USA. This project would harm Indigenous sacred sites, wetlands, the fishing community, increase greenhouse gas emissions and build over an undeveloped coastline. Sompo can begin today by ending support for Rio Grande LNG.&#8221; \u2014<\/span><i><span style=\"font-weight: 400;\">Ruth Breech, Senior Campaigner on Climate &amp; Energy, Rainforest Action Network\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">On 21 June 2024, <\/span><a href=\"https:\/\/www.sompo-hd.com\/en\/csr\/system\/vision\/\"><span style=\"font-weight: 400;\">SOMPO announced a new policy <\/span><\/a><span style=\"font-weight: 400;\">to expand the area in the Arctic<\/span><span style=\"font-weight: 400;\">*1<\/span><span style=\"font-weight: 400;\"> where it will no longer underwrite or invest in fossil fuel extraction projects, and tighten up the coal company<\/span><span style=\"font-weight: 400;\">*2<\/span><span style=\"font-weight: 400;\"> screening threshold.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8220;SOMPO&#8217;s policy on oil and gas is extremely limited, targeting only oil sands and energy extraction activities in the Arctic as defined by the Arctic Monitoring and Assessment Programme (AMAP). This leaves room for underwriting fossil fuel projects that will continue to emit large amounts of greenhouse gases, which is not aligned with the Paris Agreement&#8217;s 1.5\u00baC target. We strongly urge SOMPO to stop underwriting new fossil fuel projects, including the Rio Grande LNG project.&#8221;\u2014 <\/span><i><span style=\"font-weight: 400;\">Yuki Tanabe, Director of the Sustainable Development and Aid Program at the Japan Center for a Sustainable Environment and Society (JACSES)\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">SOMPO failed to protect our climate, but also human rights. This is against its own <\/span><a href=\"https:\/\/www.sompo-hd.com\/en\/csr\/system\/vision\/\"><span style=\"font-weight: 400;\">Group Policy for Human Right<\/span><\/a><span style=\"font-weight: 400;\">s. Insure Our Future network will continue to work on fossil fuel insurers to take accountability for climate injustice.\u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">###<\/span><\/p>\n<p><b>Notes for the editor:<\/b><\/p>\n<p><span style=\"font-weight: 400;\">*<\/span><span style=\"font-weight: 400;\">1<\/span><span style=\"font-weight: 400;\"> Arctic Monitoring and Assessment Programme area (AMAP) except Norwegian territories<\/span><\/p>\n<p><span style=\"font-weight: 400;\">*<\/span><span style=\"font-weight: 400;\">2<\/span><span style=\"font-weight: 400;\"> Defined as companies that derive at least 20% (used to be 30%) of their revenues from coal-fired power generation, thermal coal mines, or oil sands, or electric utilities companies that generate at least 20% of their energy from coal.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Japanese insurance major\u2019s support for the controversial gas project draws protests at annual general meeting\u00a0 TOKYO, JAPAN \u2013 JUNE 24, 2024 \u2013 Today, environmental NGOs including Rainforest Action Network and the Japan Center for a Sustainable Environment and Society gathered in front of SOMPO\u2019s Annual General Meeting (AGM) to demand the Japanese insurance giant stop &hellip;<\/p>\n","protected":false},"author":5,"featured_media":5789,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[99],"post_country":[106,100],"post_company":[102],"post_project":[173],"class_list":["post-5790","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 - 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