Lloyd’s of London, a well-known insurance company, has withdrawn from the Net-Zero Insurance Alliance (NZIA) for insurers, marking the sixth such group to exit the initiative in one week. Established by the United Nations, the NZIA calls for the world’s leading insurers and reinsurers to tackle climate change by ensuring their insurance and reinsurance portfolios achieve net-zero greenhouse gas emissions by 2050. Lloyd’s decision to quit the NZIA follows similar moves by five other members, which has led to speculation about the viability of the initiative. While the reasons for their withdrawal remain unclear, it is thought to relate to concerns over entanglements with North American net-zero initiatives, possibly violating antitrust laws. The NZIA and the Net Zero Asset Owner Alliance are part of the environmental, social, and governance (ESG) agenda that pushes progressive ideologies on companies, compelling them to prioritize issues such as climate change and reduce carbon emissions. However, critics argue that the ESG agenda leads companies to prioritize ideologically driven issues over their core business objectives.
Lloyd’s leaves UN’s Net-Zero Alliance. (6 words) Lloyd’s is the latest company to leave the UN’s initiative on net-zero emissions. (16 words)
