Update 18/04/2022 : People power works! Relentless mobilisation from activists and communities on the frontline has just made Munich Re rule out insuring the disastrous East African Crude Oil Pipeline (EACOP).
However, it doesn't go nearly far enough. Munich Re still does not have a comprehensive global oil and gas policy. This means other toxic projects similar to EACOP – but less infamous — could still go ahead. Munich Re's CEO must go the whole hog and rule out all new oil and gas projects globally.
Munich Re is the insurance villain you probably never heard of. However, it is now one of the last of its peers insuring and investing in disastrous new oil and gas projects.
They haven't even ruled out support for the East African Crude Oil Pipeline (EACOP) – a project that will soon rip through Uganda and Tanzania and cause unprecedented damage to local livelihoods and the environment.
All across Europe, insurance companies are ruling out the ugliest fossil fuel projects. Just last week, Hannover Re joined companies like AXA, Swiss Re, Zurich, Aviva and SCOR to change their policy and rule out new oil and gas underwriting projects. But Munich Re, who amassed historic profits last year, is refusing to budge, choosing instead to pursue cash ahead of the planet.
Next month, the giant company is holding its annual shareholders' meeting, a crucial event for the direction of the company. It’s time to escalate the pressure on Munich Re and make it follow its peers.
Let's make Munich Re’s shareholders feel the heat by exposing their choice to ignore the climate crisis and continue supporting oil and gas expansion.
Tell Munich Re to stop supporting new oil and gas projects, starting with the East African Crude Oil Pipeline!
Ironically, scientists at Munich Re started studying the possible effects of climate change nearly five decades ago, in 1973, and were some of the first in the industry to warn of the catastrophic damage it would cause to our planet. Amazingly, the company has done very little to tackle fossil fuels in its portfolios ever since.
Munich Re can’t say it didn’t know. And being one of the only European reinsurers left refusing to act on its oil and gas business, is actually putting at risk its ability to do its job credibly, ie. manage risk.
In less than a month, at the Annual General Meeting, Munich Re CEO Joachim Wenning has a unique opportunity to follow his peers and do the only sensible thing he can do: stop insuring climate destruction! Let’s push him to make the right decision and #InsureOurFuture.
Tell Munich Re to stop being a climate pariah: publish a world-leading oil and gas policy and make a clear commitment not to re/insure EACOP.
All over the world, SumOfUs members and their partners are ramping up the pressure on the world's biggest insurance companies to hold them accountable for their complicity in climate chaos.
A few months ago, your mobilisation pushed the insurer AXA - who is a self-proclaimed climate leader in the insurance industry – to publish a new policy restricting new fossil fuel projects, including oil sands, Arctic drilling, shale and fracking - a historic milestone. Recently, under pressure, Swiss Re did the same, publishing an even greener policy!
People’s mobilization has already led to five of the world’s largest (re)insurers and 15 commercial banks renouncing their involvement in EACOP, edging this controversial pipeline and its associated oil fields towards failure.
Together, we can make Munich Re join this movement and do the right thing.
Munich Re: don’t be a laggard, publish a world-leading policy that immediately excludes insuring or investing in any new oil and gas projects globally, including a clear and specific commitment to not insure EACOP.