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Environment Spain28. March 2022

A win for Mother Earth: Insurance Giant Significantly Updates Climate Policy

An impressively updated climate policy has been adopted by Spanish multinational insurer MAPFRE — one that will no longer support coal, oil, and gas companies that are not aligned with a plan to keep temperature rise below 1.5 Celsius.

MAPFRE, one of Europe’s largest insurers and the largest non-life insurer in Latin America, has a history of insuring massive oil exploitation companies such as Pemex which is one of the most polluting oil and gas companies in the world. 

MAPFRE’s new policy is significant: in their own words, they “will [no longer] insure [or invest in] coal, gas, and oil companies that do not commit to an energy transition plan that allows global warming to be maintained at around 1.5C”

The multinational insurance company furthermore strengthened restrictions on insurance for coal — by the end of 2021, its portfolio no longer included extraction or transportation of tar sands as well as promised to no longer insure any new oil or gas projects in the Arctic. MAPFRE’s new pledge to turn away from its old practices and turn toward new, more environmental-friendly practices is welcomed warmly by the world at large. 

Source:
Insure Our Future

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