A climate alliance, which is part of the Glasgow Financial Alliance for Net Zero set up by Mark Carney, could face a membership revamp after campaigners demanded a restructure.
The Net-Zero Insurance Alliance (NZIA) is expected to involve regulators and insurance brokers following a mass withdrawal of major insurers last year.
The group sparked fury among US politicians and anti-ESG (environmental, social and corporate governance) campaigners who alleged that the NZIA could violate laws against anti-competitive behaviour.
Last year, a group of Republican attorney generals - led by Sean Reyes - called for 28 insurers to leave the group after accusing them of conspiring to increase insurance rates.
The net zero group could face a membership revamp after campaigners demanded a restructure
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Reyes, the attorney general of Utah, said at the time: "Insurers have an obligation to protect the interests of their clients, not advance a radical environmental agenda".
The group requires members to ensure their portfolios are net zero by 2050.
US non-profit organisation, Consumers’ Research, aims to protect customers from "woke" companies.
Last year, the firm placed mobile billboards outside of the New York offices of three European insurers urging them to "call off the collusion" and quit the NZIA.
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It comes following a drop in ESG investing after a high during the pandemic.
Backlash from anti-ESG campaigners has seen the NZIA lose nearly half of its members last year.
According to Joachim Wenning, chief executive of Munich Re - one of the world’s largest reinsurers - their company cancelled its membership amid fears that pushing towards decarbonisation goals would expose it to "material antitrust risks".
But Carney - a self-described green finance champion - last year criticised Rishi Sunak for delaying Britain’s net zero deadlines.
Last year, a group of Republican attorney generals - led by Sean Reyes - called for 28 insurers to leave the group after accusing them of conspiring to increase insurance rates.
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A spokesman from United Nations Environment Programme (UNEP) said: "UNEP and NZIA members remain fully committed to the net zero transition.
"And are engaging with a broader community of stakeholders on the evolution of the NZIA.
"To speed up and scale up net zero insurance thinking and practices globally, priorities include advancing net zero insurance frameworks, net zero transition planning by re/insurers, real economy engagement by re/insurers, and tackling barriers to re/insuring the net zero transition."