FRANFURT: German reinsurance giant Munich Re said on Friday it had withdrawn from several climate alliances but insisted that it would keep pursuing green targets independently.
It is the latest sign that major firms are going cold on such initiatives, amid concerns about their effectiveness and growing political opposition in the United States and elsewhere.
Munich Re said it had pulled out of the UN-backed Net Zero Asset Owner Alliance, the Net Zero Asset Managers Initiative, Climate Action 100+ and the Institutional Investors Group on Climate Change.
The groups all aim to help financial giants reach net-zero carbon emissions.
“Climate related disclosures and associated administrative requirements have become very complex for international corporations,” said the firm, which acts as an insurer for insurers.
