AIG Continues to Lag Behind Industry on Climate Commitments

October 25, 2024

AIG Continues to Lag Behind Industry on Climate Commitments

WASHINGTON, D.C. - American International Group, Inc.'s (AIG) climate goals have been surpassed by yet another insurer's climate commitments this week as Italy's largest insurer Generaliannouncedit will no longer provide insurance for risks associated with the "midstream" and "downstream" oil and gas sector.

AIG's headline-making climate commitments in March 2022 have since beencalled into doubt, as Public Citizen's research has uncovered that AIG continues to underwritenearly 30% of domestic thermal coalproduction, a swath of existingLNG export terminals, and new gas projects such asRio Grande LNG.

AIG has since piled on its vague climate commitments withanother commitmentto publish a "climate transition plan" in 2025. This is yet another stall tactic. In the meantime, AIG continues to profit from underwriting and investing in both new and existing fossil fuel infrastructure, at a time whenscientists are clearthat the planet cannot afford to develop any new greenhouse gas emitting infrastructure.

Meanwhile, other insurers like Chubb have announcednew restrictions on underwriting methane, and Generali just became the first insurer globally to adopt a policy covering the entire oil and gas value chain for 'transition laggards,' marking a major step forward in driving meaningful climate action.

It's time for AIG to wean itself from easy profits from fossil fuel projects thatrisk the health of communitiesand destabilize our climate andfinancial stability.

"AIG's climate and human rights commitments aren't worth the paper they're written on until AIG stops underwriting and investing in fossil fuel infrastructure like Rio Grande LNG," said Rick Morris of Public Citizen. "The insurance giant's climate commitments have been outpaced by domestic and international insurers. If AIG wants to be seen as a climate leader, then it has to put its money where its mouth is and drop these disastrous fossil fuel projects."

# # #