Swiss Re steps away from coal insurance business

first_imgSwiss Re steps away from coal insurance business FacebookTwitterLinkedInEmailPrint分享Greentech Media:Swiss Re took a step forward this week in its commitment to manage carbon-related sustainability risks and support the transition to a low-carbon economy. As of Monday, the Zurich-based firm no longer provides insurance or reinsurance to businesses with more than 30 percent exposure to thermal coal.The thermal coal policy announced in June 2017 was based on Swiss Re’s pledge to adopt the principles of the Paris climate agreement in 2015, which seeks to keep global warming under 2 degrees Celsius. As part of that commitment, “Swiss Re supports a progressive and structured shift away from fossil fuels,” according to a company statement.The thermal coal policy applies to both new and existing thermal coal mines and power plants, and is implemented across all lines of business and Swiss Re’s global scope of operations. The policy is an integral part of Swiss Re’s Sustainability Risk Framework, which the reinsurer uses for all underwriting and investment activities.The 30 percent threshold on Swiss Re’s insurance practice is in line with the threshold on the firm’s investment practice. As of 2016, Swiss Re stopped investing in companies that generate 30 percent or more of their revenues from thermal coal mining or that use at least 30 percent thermal coal for power generation. The reinsurer also divested from existing holdings.Swiss Re isn’t the only insurance firm to restrict its participation in the coal sector in recent months. In May, Germany’s Allianz stopped insuring single coal-fired power plants and coal mines, in response to criticism from environmental groups. Dai-ichi Life Insurance recently became the first Japanese institution to stop financing coal-fired power plants overseas, and Nippon Life Insurance is considering limits on coal plant financing.More: Swiss Re stops insuring businesses with high exposure to thermal coallast_img read more

England will be a good draw for Ghana – Kenpong

first_imgOn the eve of the highly anticipated FIFA World draw in Salvador Brazil, the CEO of Kenpong Group of companies, Mr Kennedy Agyapong has called on Ghanaian football lovers to enjoy the draw and not to worry too much about which teams will be grouped with the Black Stars.”This is the World Cup so there is no escaping the best of the best teams at this level. If you ask me, even England would be a good draw for the Black Stars because it means Ghana will get additional massive mileage from the British media”.Indeed Fifa on Tuesday announced the pots to be used for Friday’s draw when the 32 teams will be placed into eight first-round groups of four. Pot 1 consists of the eight top seeds, one of each to be drawn in Groups A-H. The remaining pots are based on geographical criteria.Like millions of Ghanaians, Kenpong is not hiding his excitement ahead of the draw which is expected to attract a global viewing audience of 1. 8 billion people. Apart from being a sports enthusiast and football philanthropist, Kenpong is set to roll out one of the most dynamic and competitive travel and tours packages for the Brazil 2014 fiesta.This was confirmed to Ghana Sports International by Director of Finance at Kenpong Group/Kenpong Travel and Tours, Mr George Amoako ” With our partners in Brazil, we have put in place a solid and robust system to withstand the expected huge demands of Ghanaians seeking to travel to watch the World Cup” Kenpong Travel and Tours (KTT) have already completed the training of additional staff to support the administrative element of their services. The Manager of KTT Mr. Kwame Oduro Appiah-Kubi is confident that with world class staff, the processes and procedures of handling hundreds of applications would be dealt with professionally.”We are well prepared and just waiting for the green light to roll out so people should expect nothing but the best from Kenpong Travel and Tours when it comes to reliability, affordability and quality when it comes to travelling to Brazil 2014”.Meanwhile, after two-and-half-years testing process involving some of the world’s biggest stars, Adidas on Tuesday night unveiled the Brazuca, the official match ball for next summer’s World Cup.The ball, the successor to the Adidas Jabulani used at the 2010 World Cup in South Africa, has already been tested in competitive international matches, at the Under-20s World Cup, with a different print design, and in the friendly between Sweden and Argentina last February.And why Brazuca? According to FIFA.COM, the name is an informal local term which means Brazilian or describes the Brazilian way of life. The colours and ribbon design of the ball panels symbolise the traditional multi-coloured wish bracelets worn in the country. The ball, which is being taken on a world tour, goes on sale on Wednesday, priced at around £100 ($164) the equivalent of GHC370.00.last_img read more