Mar 1, 2021

Aviva chief warns insurers on ‘forked tongue’ over climate change

Aviva chief executive Amanda Blanc has warned that the insurance industry cannot "Speak with forked tongue" on global warming by doing one thing with its investment portfolios and another with the products it sells. More insurers are promising to focus their often vast investment portfolios on those companies committed to cutting carbon emissions in line with the Paris climate agreement. The warning came as Aviva pledged not to sell insurance to companies which make more than 5 per cent of their revenue from coal or other heavily-polluting fuels such as oil sands, unless they have signed up to climate targets. Last month it warned it would sell its stakes in 30 of the world's largest oil, gas, mining and utilities companies unless they do more to tackle climate change. Mark Versey, chief executive of Aviva's investment business, said that the reaction from the companies had been "Generally very positive".

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