Insurance sector called on to exclude Russian fossil fuel firms

Written by Adam Cadle

04/03/2022

A coalition of NGOs and groups around the world are calling on financial institutions most exposed to Russian oil, gas, and coal to cease all ties, in solidarity with Ukraine over Russia’s invasion.

Over 75 organisations, including Insure Our Future, Reclaim Finance, BankTrack, Stand.earth, Greenpeace, Sierra Club, and Rainforest Action Network, are writing to global insurers, banks and asset managers that are most active in the Russian fossil fuel sector. The insurers include: AIG, Allianz, Atradius Re, AXA, Chubb, General Re, Hannover Re, Lloyd’s, Munich Re, Partner Re, SCOR, Swiss Re, Tokio Marine, Travelers, and Zurich.

“As the Secretary General of the United Nations reminded us in reaction to the publication of the second part of the 6th IPCC Assessment Report, fossil fuels are a dead end and financial actors must keep their commitments to achieve carbon neutrality or be on notice,” the letter stated. “A massive and immediate roll-out of renewables, energy savings and demand reduction, combined with cutting ties to fossil fuels are all necessary and directly contribute to ending our society’s fossil-fuel dependence, and putting a stop to financing wars and planetary destruction.”

The list of Russian companies to be excluded comprises over 60 major oil, gas, and coal companies that are either headquartered or active in Russia. The letter also calls on financial institutions to suspend all support for TotalEnergies, Fortum/Uniper, Wintershall DEA and other non-Russian fossil fuel companies active in Russia.

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