Tokio Marine announces revise climate strategies

New revisions targets prohibitions of new business transactions in oil and gas.

Tokio Marine Holdings, Inc. is changing its climate strategies that will prohibit new business transactions in oil and gas mining.

According to the Japanese insurer, since it released its climate strategy in 2022, it has been working towards promoting renewable energy through the provision of insurance products and services, implementing its insurance underwriting, investment, and financing policies, engaging in constructive dialogue with business partners aimed at decarbonization, and participating in global initiatives to contribute to international policymaking. 

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“Going forward, we will continue to help facilitate the transition to a decarbonized society by reducing greenhouse gas emissions, aiming to achieve the goals of the Paris Agreement. In addition, as social issues become more prevalent and severe, expectations for corporate contributions towards the realization of a sustainable society are rapidly increasing and we need to accelerate our initiatives to solve social issues through our business,” Tokio Marine said.

In light of this Tokio Marine revised its climate strategies to prohibit new business transactions on oil sands mining and prohibit new business transactions on Arctic oil and gas extraction. The insurer previously determined whether or not to undertake transactions (insurance underwriting, investment, and financing) based on the customer’s careful consideration of environmental and social factors, and etc.