Munich Re stands as the world’s largest reinsurer, with deep expertise in risk management and a global presence spanning over 140 years. While the company publicly acknowledges the severe financial implications of climate change, and has engaged in climate research for decades, its actions have often fallen short of environmental campaigners’ demands. Despite being among the first major reinsurers to announce stricter policies on new oil and gas fields and direct investments in pure-play fossil fuel companies from April 2023, critics argue significant loopholes remain, particularly concerning new gas infrastructure. More recently, Munich Re controversially withdrew from several key climate and net-zero initiatives, including the Net-Zero Asset Owner Alliance and Climate Action 100+, citing legal ambiguity and disproportionate reporting. Munich Re’s ongoing exposure to fossil fuel risks and its retreat from collaborative climate action undermine its leadership and continue to enable industries driving the climate crisis.