Statement: Dropped by U.K.’s Largest Asset Manager Over Fossil Fuel Underwriting, AIG Must Act on Climate
Public Citizen Pressures AIG To Stop Insuring the Climate Crisis
WASHINGTON, D.C. — On Monday, global insurer American International Group (AIG) lost a major investor over its insufficient action on climate change. Legal & General Investment Management (LGIM), the largest asset manager in the U.K., announced that it would divest from AIG and three other companies that have failed to adequately address climate change. AIG is one of the last major global insurers without a coal policy, while over 26 insurers worldwide have taken action to restrict coal underwriting. Public Citizen has been pressuring AIG to stop insuring and investing in fossil fuels. Hannah Saggau, climate campaign coordinator at Public Citizen, issued the following statement:
“It is unacceptable that AIG still underwrites new, multibillion-dollar coal projects. Any company that continues to support this sector will only face increasing scrutiny from investors as the urgency of the climate crisis escalates. LGIM’s divestment from AIG puts much-needed pressure on this climate laggard.
“AIG has no commitments to end its underwriting and investments in fossil fuels and has insured devastating fossil fuel infrastructure like the Trans Mountain tar sands pipeline, which violates Indigenous rights. Failing to rule out projects that destroy our climate and harm local communities is not just bad practice, it’s clearly bad business. AIG only stands to lose if it fails to act on climate.”