East African Crude Oil Pipeline
Munich Re has set clear decarbonization targets already in 2020 for its liabilities, investments & own operations. Further, we are a member of the UN-convened Net-Zero Asset Owner Alliance and co-founded the Net-Zero Insurance Alliance in 2021, which include commitments to achieve net-zero emissions across our investment and insurance portfolios. With these measures, Munich Re has taken a clear and science-based stance to support the Paris Climate Goals. We are constantly monitoring our progress against this ambition and reporting transparently in our annual report.
Beyond our reduction targets and exclusions, we conduct rigorous ESG assessments on large-scale projects. As a result, we have not insured the East African Crude Oil Pipeline project in our direct, facultative and primary business and already informed our underwriting community correspondingly about a year ago. Our existing frameworks underline our commitment to decarbonize accompanied by respecting high business ethics.