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Munich Re withdraws from prominent industry climate alliance

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German insurer Munich Re said on Friday it was withdrawing from an industry-wide alliance of insurers focused on reducing carbon emissions, a blow to the group from a prominent founding member.

Munich Re Group logo is seen on a smartphone in front of displayed stock graph in this illustration taken, December 1, 2021. REUTERS/Dado Ruvic/Illustrationsaid on Friday it was withdrawing from an industry-wide alliance of insurers focused on reducing carbon emissions, a blow to the group from a prominent founding member.

Antitrust concerns are at the center of a growing sustainability backlash in the United States, as Republican politicians push back on group efforts linked to climate and other so-called ESG issues. "It is more effective to pursue our climate ambition to reduce global warming individually," said Joachim Wenning, CEO of Munich Re.

Munich Re is ranked among the top 10 of some 30 insurers in a scorecard by Insure our Future, which tracks the climate ambitions of major insurers.

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Munich Re withdraws from industry climate allianceThe German insurer Munich Re said on Friday that it was withdrawing from an industry-wide alliance of insurers focused on reducing carbon emissions.
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