Tottenham Hotspur‘s official partner AIA’s logo is a “stain” on the club shirt due to its multi-billion investment in the coal industry, according to a campaign aimed at holding the insurance industry accountable for its role in the global climate crisis.
A report published by Insure Our Future, a campaign comprised of environmental, consumer protection, and grassroots organisations along with SumOfUs, a community of people committed to curbing the growing power of corporations worldwide, has alleged that AIA’s actions undermine its and Tottenham’s pledges to support climate action.
The report states that AIA, the largest independent publicly listed pan-Asian life insurance group, has invested “billions of dollars” into the coal industry despite publicly pledging its support to The Paris Agreement, which aims to combat climate change.
They claim that while more than 65 insurers worldwide have stopped investment in coal, AIA is yet to place any restrictions on the coal industry in its $200bn investment portfolio.
Additionally, the report claims that AIA:
- Invested $125m in Tenaga Nasional Berhad, which operates more than 26,000 MW of coal power plants in Malaysia and other countries, more than half of its coal capacity
- Provided a $21m loan for the Toledo coal power plant in Cebu in the Phillippines
- Is one of 20 insurers to have joined the Climate Action 100+ investor group yet is the only one not to restrict investment in coal, apart from two small local companies
- Holds between $3bn-$6bn in bonds and equities of coal power utilities and loans to coal projects
According to the report, coal pollution is responsible for 800,000 premature deaths in Asia each year, 670,000 of which are in China. Coal is also said to be the biggest single source of C02 emissions and as a consequence is contributing towards the increase and intensity of extreme weather events such as typhoons, floods and wildfires across Asia.
Peter Bosshard, international coordinator of the Insure Our Future campaign, said: “Coal is AIA’s dirty little secret. AIA talks a good game on climate change but its investments undermine the Paris climate targets. Until it kicks out all coal, AIA’s logo will be a stain on the shirts of Tottenham Hotspur, a climate champion in the global football community.”
Emma Ruby-Sachs, executive director of SumOfUs, added: “AIA’s continued investment in the mining and burning of coal contradicts its brand promise and sets it apart from the ESG leaders in the global insurance industry. AIA has divested from the dirty sectors of tobacco and ammunition, now the coal sector must follow.”
AIA has been Tottenham’s official shirt sponsor since the start of the 2013-14 season and in 2019 extended their affiliation with the club until the end of the 2026-27 campaign. The BBC reported that the deal was worth £320m working out at £40m per season for the Premier League club.
Last month, Spurs became a founding partner of Count Us In, a global movement geared towards mobilising one billion people to act on climate change.
Speaking about the club’s commitment to Count Us In, Daniel Levy said: “When we built our new stadium, one of the key aims was to make it one of the most sustainable stadiums in the world – we have implemented a range of environmental measures both here and at our training centre, and are always looking at what more we can do.
“We are proud to become a founding partner of Count Us In, using our global appeal and reach to encourage others to take simple steps, whether at home or at work, to address the issue of climate change.”
A Tottenham Hotspur club spokesperson told i: “Tottenham Hotspur takes its responsibility to care for the environment extremely seriously.
“We embrace initiatives and technologies that reduce our environmental impact whenever possible, working towards improving efficiency and sustainability across the Club at all levels – encouraging employees, fans, suppliers, partners and our wider community to do the same.
“AIA has shared with us the significant strides it has already made to address the carbon intensity of its investments. In addition, more action in this area is planned to further reinforce their efforts as a result of the threat posed by climate change.”
i has approached AIA for comment.
from Football – inews.co.uk https://ift.tt/3m2qYpn
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