Tokio Marine boasts of new interim target for 2030 climate change initiatives

It also commits to be a responsible institutional investor.

Tokio Marine Group said it is firm on addressing climate change, prioritising it with a new 2030 target.

The target includes engaging its customers, particularly 200 large corporate clients responsible for 90% of our insurance-related emissions through our subsidiary, Tokio Marine & Nichido Fire Insurance Co., Ltd (TMNF). It aims to achieve Level 2 engagement with over 160 of these customers by 2030.

Their approach involves:

• Issue Identification: We assess our customers' decarbonization plans and initiatives by analyzing their management plans, IR reports, etc. We also present relevant decarbonisation solutions.
• Proposals: Collaboratively, we develop concrete solutions based on the identified issues. This includes support for adopting renewable energy technologies, risk assessment, insurance coverage to mitigate risks, and advice on climate change-related information disclosure and decarbonization planning.
• Providing Solutions: We actively support our customers' transition by delivering tailored solutions and insurance services.

ALSO READ: Tokio Marine reaches carbon neutrality for 10th year in a row

“Based on Japan’s Stewardship Code, TMNF will also engage in constructive dialogue, which includes perspectives on ESG and GHG emissions reduction, and encourage our investees to set and achieve their GHG emissions reduction targets,” the insurer said in a press statement.

Thus far, Tokio Marine has developed and provided insurance which supports the transition to a net-zero society.

“We will work to develop and provide insurance products and solutions that contribute to the adoption of renewable energy, such as offshore wind and solar power, the use of storage batteries, and the promotion of hydrogen to help facilitate the shift to renewable energy,” Tokio Marine said.

It also commits to be a responsible institutional investor, whilst lobbying for transition and green finance in its investment opportunities.