American International Group has announced that it plans to achieve net zero greenhouse gas emissions across its global underwriting and investment portfolios by 2050 or sooner.

The actions AIG has announced include:

To reach net zero GHG emissions across its underwriting and investments portfolios by 2050, or sooner;

Reaffirmation of last year’s operational net zero commitment by 2050, or sooner;

A commitment to 100 percent renewable energy for AIG’s operations by 2030, or sooner;

To use science-based emissions reduction targets, aligning with the latest climate science to meet the goals of the Paris Agreement;

To no longer invest in or provide insurance for construction of any new coal-fired power plants, thermal coal mines or oil sands;

To no longer invest in or underwrite new operation insurance risks of coal-fired power plants, thermal coal mines or oil sands for those clients that derive 30 percent or more of their revenues from these industries, or generate more than 30 percent of their energy production from coal;

The phasing out the underwriting of all existing operation insurance risks and ceasing new investments in those clients that derive 30 percent or more of their revenues from coal-fired power, thermal coal mines or oil sands, or generate more than 30 percent of their energy production from coal by Jan. 1, 2030, or sooner; and

To not invest in or providing insurance cover for any new Arctic energy exploration activities.

“We are committed to a transparent journey toward sustainability advancement,” said Constance Hunter, Executive Vice President, Global Head of Strategy and ESG. “We are having constructive discussions with all our stakeholders on this important issue and look forward to reporting progress. We will work together with our clients and distribution partners, in particular, to ensure an ongoing transition to a Net Zero future and provide guidance on feasible solutions designed to help manage climate-related risks.”