(Reuters) – Italy's largest insurer Generali has agreed with calls from investors and companies for EU leaders to raise greenhouse gas reduction targets to at least 55% by 2030.
The insurer said on Tuesday CEO Philippe Donnet had signed a letter prepared by the Corporate Leaders Group, calling on EU Heads of State and Government to raise emission reduction targets to 55% from 40%.
EU countries are divided over the extent of the emission reductions they are prepared to deliver in the next
A promise to reduce emissions by 40% from 1990 levels needs to be upgraded as researchers warn that faster cuts are needed to avert catastrophic climate change and Brussels wants to get started. a reduction of at least 55% by 2030.
In a statement, Generali said that the letter called on EU leaders to "establish the framework for a more climate-resilient recovery and enable the green investments needed to deliver climate climate neutrality by 2050."
Europe third largest insurer said it was determined to reduce its carbon footprint in its investment portfolio and support customers in the green transition.
Last year, it became the first insurance company in Europe to issue a subordinated green bond.
Financial institutions and companies have arrived under increasing pressure from investors to show concrete steps to support the Paris Agreement in 201