FOR IMMEDIATE RELEASE

MEDIA CONTACT: Stefanie Spear, sspear@asyousow.org, 216-387-1609

BERKELEY, CA—MARCH 22, 2023—Chubb today announced underwriting criteria for methane emissions from oil and gas extraction projects. It also affirmed that it will not underwrite oil and gas extraction projects in areas identified in the International Union for the Conservation of Nature (IUCN) as areas protected by state, provincial, or national governments and pledged to develop and adopt underwriting standards for IUCN areas where sustainable development is allowed.

As You Sow’s President Danielle Fugere responds to Chubb’s announcement:

“We are pleased to see Chubb begin to focus on climate and conservation-focused underwriting standards, yet question the impact these announced standards will have. Most large oil and gas companies have programs in place for methane-related ‘leak detection and repair’ and programs related to the ‘elimination of non-emergency venting.’ Whether Chubb’s policy will change the actions of oil and gas companies or Chubb’s own underwriting of oil and gas projects is therefore unclear. 

“Chubb’s own reporting will not answer that question. Chubb does not currently report the greenhouse gas emissions associated with its insuring, underwriting, and investing activities so the company remains largely unaccountable to investors with regard to its climate contribution or its reduction of greenhouse gas emissions.”

Last year, As You Sow filed a shareholder proposal with Chubb asking the company to report if and how it will begin measuring its insured, underwriting, and invested emissions and asking it to take responsibility for setting 1.5-degree-aligned greenhouse gas reduction goals. More than 72% of investors supported that resolution.

Unfortunately, Chubb’s response is that it cannot measure its emissions and further that it cannot meet net-zero goals. We believe that a sophisticated insurance company that measures and models risk can measure its full range of emissions, and like other companies, including banks, can set goals to reach net-zero emissions. A similar shareholder proposal has been filed again this year.

Finally, we look forward to reviewing the standards that Chubb will develop for Category VI protected areas that are subject to sustainable development.  

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As You Sow is the nation’s leading shareholder advocacy nonprofit, with a 30-year track record promoting environmental and social corporate responsibility and advancing values-aligned investing. Its issue areas include climate change, ocean plastics, pesticides, racial justice, workplace diversity, and executive compensation. Click here for As You Sow’s shareholder resolution tracker.