(Reuters] – American International Group (NYSE 🙂 announced on Tuesday that it no longer provides underwriting services or investments to finance the construction of new coal-fired energy plants, coal mines, and oil sands projects.

Additionally, the company stated it would no longer offer insurance coverage or invest in new Arctic energy exploration.

The company also announced a goal to achieve net zero emissions of greenhouse gases in its investment and underwriting portfolios worldwide by 2050.

Hannah Saggau is an independent consumer advocate and insurance campaigner for Public Citizen. She said that AIG was one of the few major insurance companies without any restrictions on coal coverage.

Late 2020 Lloyd’s of London requested its members not to provide new insurance for Arctic energy exploration or thermal coal. It set a Jan. 1 2022 target to eliminate the possibility of new coverage being offered.

AXA and Zurich have long stopped underwriting fossil fuels in Europe. They have instead turned the attention to their Asian and U.S. peers who are long considered to be laggards.

The November goal of Chubb (NYSE) was to reach carbon neutrality for its global operations by 2022. It will do this through both renewable energy purchases and carbon offset purchases.

AIG announced Tuesday that it will stop underwriting all current operation risks. It also plans to cease investing in clients who derive more than 30% from oil sands, coal-fired electricity, or thermal coal mines.