"Our climate commitment is unwavering. We follow scientific recommendations. To date we are decarbonizing even faster than what is required to reach net zero by 2050."
- Joachim Wenning, Munich Re chief executive
Joachim Wenning believes that “the opportunities to pursue decarbonisation goals in a collective approach among insurers worldwide without exposing ourselves to material antitrust risks are so limited.”
However, despite discontinuing its NZIA membership, Munich Re has said it remains committed to its own ambitious climate targets for 2050. It’s first target is for GHG emissions related to its investment portfolio to be reduced by 29% by the end of 2050. The reinsurer also plans to reduce its climate-related industry exposure so there will be no associated net GHG emissions by 2050; this includes the primary insurance, direct and facultative reinsurance of oil and natural gas companies. Consequently, as of April 2023, Munich Re will no longer insure projects involving new oil and gas fields or new midstream oil infrastructure.
Munich Re will also reduce its thermal-coal-related exposure in its direct and facultative insurance business by 35% before the end of 2025, and then eliminate this exposure altogether by 2040.
