Financial company AIG has committed to achieving net zero by 2050 or sooner.
This will concern its entire investment portfolio, underwriting and its own operations.
The company will no longer invest or provide insurance for any new coal-fired power plants, coal mines or oil sands with immediate effect and will use entirely renewable energy for its operations by 2030.
AIG has also stated there will be no new investments in clients whose revenues derive from coal by 30% or more.
Peter Zaffino, Chairman & CEO, said: “AIG is committed to setting the standard with our actions.
“We believe today’s ESG commitments are an important step forward for AIG, the clients we serve and the global communities where we live and work.
“The data about climate change is unambiguous and we believe that AIG can be a catalyst for positive change as it relates to sustainability advancements and renewable energy expansion.”