(Reuters) — German reinsurer Hannover Re on Wednesday became the third major company to leave a global climate alliance focused on cutting emissions that has faced growing political pressure in the United States.
Hanover said in an email that it is leaving Net-Zero Insurance Alliance “after careful consideration,” without providing details.
“Notwithstanding this, Hannover Re remains committed to its sustainability strategy, the associated targets and its support for the Paris Agreement, and aims to achieve full climate neutrality by 2050,” it added.
The move to leave NZIA, part of the Glasgow Financial Alliance for Net Zero, set up by UN climate envoy Mark Carney, follows the exit of founders Munich Re at the end of March and Zurich Insurance earlier in April.
While Zurich had said it was leaving to focus on helping clients transition to a low-carbon economy, Munich Re said it was leaving because of antitrust concerns.
The charge that companies in such climate alliances could be guilty of violating antitrust laws has increasingly been made by Republican politicians in some US states as part of a pushback against sustainability efforts.