Allianz tightens its insurance policy for the oil and gas sectors

Green capitalism is set up for the ecological transition. On Friday April 30, the largest European insurer, Allianz, announced that it was adopting a stricter line with regard to the insurance of the oil and gas sectors in order to align its underwriting policies with global objectives in the fight against global warming. climatic. This decision follows an International Energy Agency report published last year, which indicated that investment in new oil and gas fields must be stopped if the objective is to be achieved. net zero emissions by 2050.

Faced with growing pressure to accelerate companies’ efforts to reduce emissions, Allianz said that from 2023 it would no longer issue new property and casualty insurance contracts to fund new oil and gas projects, and that would stop renewing existing contracts from July 2023.

Tenth. Allianz said that from January 2025 it would only insure oil and gas companies that have committed to achieving “net zero emissions” by 2050, including major oil companies responsible for the most most of the emissions.

The NGO Insure our Future welcomed Allianz’s initiative, “which raises the bar for the insurance sector” and called on other players in the field to follow its example. Allianz is the tenth major insurance company to adopt restrictions on the oil and gas sectors. Among others, Swiss Re, the world’s second-largest reinsurer, said in March it would no longer insure most new oil and gas projects.

(with Reuters)

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