{"id":21876,"date":"2022-05-27T16:59:50","date_gmt":"2022-05-27T14:59:50","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=21876"},"modified":"2023-03-29T15:31:49","modified_gmt":"2023-03-29T13:31:49","slug":"oil-gas-sompo-becomes-the-first-japanese-insurer-to-rule-out-tar-sands-and-arctic","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2022\/05\/27\/oil-gas-sompo-becomes-the-first-japanese-insurer-to-rule-out-tar-sands-and-arctic\/","title":{"rendered":"Oil & gas: SOMPO becomes the first Japanese insurer to rule out tar sands and Arctic"},"content":{"rendered":"

On May 27th, 2022, SOMPO, one of the leading property & casualty insurers in Japan with MS&AD and Tokio Marine, revealed its first exclusion measures<\/a><\/u><\/span> on unconventional oil & gas and updated its coal policy. While SOMPO still allows for unjustifiable exceptions for new and existing coal projects, it also falls short of catching up with best practices set by European insurers and only reduces its coverage to tar sands and exploration projects in a minimal part of the Arctic. SOMPO must urgently go back to the drawing board and commit to stay away from all new fossil projects in line with recent conclusions from the International Energy Agency (IEA) NZE<\/a><\/u><\/span> and One Earth Climate Model (OECM) Decarbonization Pathway.<\/a><\/u><\/span><\/b><\/span><\/p>\n<\/div><\/div><\/div>

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Key points in the policy<\/h1><\/span>
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SOMPO will not insure and invest in new and existing coal mines. Yet, as for its exclusion of new and existing coal plants taken in 2021, SOMPO allows exceptions for new mines using abatement technologies such as carbon dioxide capture, utilization and storage technology (CCS, CCUS), and ammonia co-firing.<\/p>\n

SOMPO will refuse to insure and invest in new and existing tar sands projects. It will also stop insuring oil & gas exploration projects in the Arctic National Wildlife Refuge.<\/p>\n<\/div>

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Our analysis:<\/h1><\/span>
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<\/i>THE POSITIVES<\/b><\/p>\n<\/div>