Swiss Re , the world's second biggest reinsurer said it would no longer insure most new oil and gas projects following mounting pressure on big business to do more to help the world cap global warming.
Working on further policy reform, the world's second biggest reinsurer said it would no longer insure most new oil and gas projects following mounting pressure on big business to do more to help the world cap global warming.
In its annual sustainability report on Thursday, Swiss Re said it would no longer insure projects that get the go-ahead from their parent company from 2022, unless the company has an independently verified, science-based plan to reach net-zero emissions.By 2025, Swiss Re said it wanted half of its overall oil and gas premiums to come from companies aligned with such a net-zero by 2050 plan, and by 2030 all its clients in the sector should have done so.
On the issue of treaty reinsurance, whereby it insures bundles of risk in a job lot, Swiss Re said it expected to finalise a policy for the oil and gas sector in 2023. "Oil and gas operations need to be phased out in accordance with climate science or they may become uninsurable by the end of the decade."
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