AIG has become the first major U.S. insurer to support the Arctic with this announcement
WASHINGTON— AIGSeveral commitments were made on TuesdayAs part of its overall plan for Net Zero greenhouse gas emissions in its global investment and underwriting portfolios by 2050 or earlier, AIG announced, along with other pledges that it will no more invest in or provide insurance for new energy exploration activities within the Arctic. AIG, the first major U.S. bank to do so, joins six banks and five banks from Canada in declining to support oil and gas companies in the Arctic. This announcement covers any new exploration in Arctic National Wildlife Refuge. It was first sold in January 2021. The announcement also includes the Western Arctic, much of which has been leased out to oil companies.
AIG will no longer invest in or insure new coal-fired energy plants, thermal coal mines, or oil sands companies that earn 30% or more from these industries or produce more than 30% of their electricity from coal.
Environment America is a state partner in Alaska Environment.
Environment America Public Lands Campaign DirectorEllen Montgomery issued the following statement
This is a positive day for public and environmental health, as well as for wildlife and the climate. We are happy that AIG made the right choice. Insurers are supposed to protect our society from calamity. The company is demonstrating that it is a responsible person by not only avoiding coal burning, which is one among the most harmful forms of energy, and by also taking specific steps towards protecting the Arctic. AIG is putting oil companies out of business by denying them a safety net in case they do something that could damage an ecosystem, cause spillages, or worsen the climate crisis. This means AIG is prioritizing both the world’s future and vital wild spaces. AIG is a good example of how insurance companies can help you drill for oil.
The following statement was made by Dyani Chapman (Alaska Environment State Director):
When we drill, we spill. The Arctic’s permafrost melts and the sea swells are increasing. These factors are combined with the long-documented challenges of extracting fossil fuels under the best conditions, and it becomes clear that drilling in the Arctic is not a good idea. We are glad to hear that AIG has echoed our sentiments. A healthy Arctic ecosystem is important for wildlife and Indigenous communities. This means we must not drill for or burn more fossil fuels. Banks are joining the ranks, and insurance companies will soon follow suit. AIG, thank-you for your leadership.
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Environment America is a national network that includes 30 state environmental groups. Our staff works together to ensure clean air, clean water and open spaces and a livable environment. Our research and advocacy are supported by our members all across the United States.
Alaska Environment advocates for clean air and clean water. Our advocacy and research are supported by our members throughout the state. Alaska Environment is part Environment America which is a national network of 30 state environmental organizations.
