FRANFURT: German reinsurance giant Munich Re said on Friday it had withdrawn from several climate alliances but insisted that it would keep pursuing green targets independently.
It is the latest sign that major firms are going cold on such initiatives, amid concerns about their effectiveness and growing political opposition in the United States and elsewhere.
Munich Re said it had pulled out of the UN-backed Net Zero Asset Owner Alliance, the Net Zero Asset Managers Initiative, Climate Action 100+ and the Institutional Investors Group on Climate Change.
The groups all aim to help financial giants reach net-zero carbon emissions.
“Climate related disclosures and associated administrative requirements have become very complex for international corporations,” said the firm, which acts as an insurer for insurers.
“Moreover, they are disproportionate to the impact achieved in terms of climate protection.”
It also said there was an “increasing ambiguity in assessing private initiatives under the legal and regulatory regimes across various jurisdictions.”
The group, which last year booked a net profit of 5.7 billion euros ($6.5 billion), said it believed that it could pursue its climate targets “in a more focused and targeted manner on our own.”
“Climate protection remains an urgent priority for Munich Re,” it said.
“We continue to pursue our goal of contributing to the achievement of the Paris climate targets.”
The 2015 Paris climate accords aimed to limit global warming to well below two degrees Celsius above pre-industrial levels — and to 1.5 if possible.
The group said it had achieved or exceeded the interim targets that it had set itself for 2025.
