Climate advocates have been pressuring U.S. insurance companies to end their support for the dirty energies driving the global crisis, and on Tuesday they claimed their first big win.

Chubb Ltd., one of the nation’s largest commercial insurance companies, announced it will move away from insuring and investing in coal. It becomes the first major U.S. insurance company to take such action, joining more than a dozen European and Australian insurers that have already adopted similar policies.

Chubb will no longer underwrite the construction of new coal-fired power plants, according to the policy. It will also stop investing in companies that generate more than 30% of their revenues from coal mining or production, as well as phase out existing coverage for mining and utility companies that exceed the 30% threshold.

“Chubb recognizes the reality of climate change and the substantial impact of human activity on our planet,” Evan G. Greenberg, the company’s chairman and CEO, said in a statement. “The policy we are implementing today reflects Chubb’s commitment to do our part as a steward of the Earth.”

The United Nations’ Intergovernmental Panel on Climate Change warned in a report late last year that world governments have just 12 years to halve global carbon emissions in order to avoid catastrophic warming. It pegged the cost of climate-related damages caused by a rise in global warming of 1.5 degrees Celsius (2.7 degrees Fahrenheit) above pre-industrial levels at $54 trillion. At 2 degrees Celsius, that figure jumps to an estimated $69 trillion. The world has already warmed from the pre-industrial mark by 1.1 degrees Celsius.

Much of the future costs of climate change will fall on insurance providers. Global insurance losses from extreme weather and natural disasters in 2017 and 2018 reached $219 billion, a record for a two-year period, according to a recent report by Swiss Re Group, a reinsurance company based in Switzerland. Swiss Re announced last year that it will no longer insure businesses with more than 30% thermal coal exposure, a move it said supports a global transition to a low-carbon economy.