Although climate change has been a hot topic for the global insurance industry for some time, American International Group (AIG) has become the first big US company to build a product to deal with the issue.

The company says the policy, which was issued on the corporate website last week, is new but it isn’t saying much more. A commentary on the company’s website says the policy will address the issue of climate change through market-based solutions.

“AIG is actively seeking to incorporate environmental and climate change considerations across its businesses, focusing on the development of products and services to help AIG and its clients respond to the worldwide drive to cut greenhouse gas emissions.”

The company says it is considering an investment strategy to take advantage of the financial value derived from reducing greenhouse gas emissions and other incentives for lower emissions. It plans to develop products and services that facilitate emission reductions for clients.