Jul 16, 2009

AIG Closed Climate Change Program Last Month

Last month American Insurance Group (AIG) closed its climate change program, which included keeping an inventory of greenhouse gas emissions. The only thing left is the Global Marine and Energy division, but nothing that directly tackles climate change. The Global Marine and Energy division contains some of the “company’s most robust portfolio of renewable energy providers,” as a New York Times article put it.

AIG has not released an official statement about closing the climate change program, so the reasons why it closed it are only speculation. However, according to Treehugger, “It's assumed that it was a budgetary decision--clean energy is deemed too risky, too low on reward right now.”

AIG has received about $180 billion from the government to keep it afloat. Treehugger made the following observation about AIG closing its climate change program:

It's kind of ironic, really--the company that had a hand in creating a global recession by making unsustainable investments was on the brink of making some of the most important, most sustainable investments of all.

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