Zurich signs up to UN pledge to limit global climate change

In June 2019, Zurich announced actions towards reducing climate change, by expanding existing thermal coal policy, committing to utilize 100% renewable power until 2022 and signing Business Ambition for 1.5 degrees Celsius Pledge.

UN Intergovernmental Panel on Climate Change (IPCC) gives the world only 11 years to make the transition to a new path, to avoid a planetary warming with disastrous consequences.
Over a period of 24 months, Zurich will actively engage with clients and investee companies with over 30% exposure to thermal coal, oil sands and oil shales, to drive them towards a credible mid to long-term transition plan.
Zurich will no longer underwrite or invest in companies that:
  • generate more than 30% of their revenue from mining thermal coal and oil shale, or companies that have at least 30% direct revenues from the extraction of oil from oil sands;
  • generate more than 30% of their electricity from coal and oil shale;
  • produce more than 20 million tons of thermal coal per year;
  • are in the process of developing any new coal mining or coal power infrastructure;
  • are dedicated transportation infrastructure operators for oil sands products, including pipelines and railway transportation;

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