ESG & Investing
Zurich Insurance to Halt Coverage of New Fossil-Fuel Exposures
- Insurer wants credible targets from large oil and gas clients
- Policy shift heralds a greater embrace of energy transition
Zurich Insurance Group AG will no longer underwrite new oil and gas projects, and is cracking down on clients planning to expand in metallurgical coal mining.
The restrictions also entail asking the highest-emitting corporate customers to reduce their carbon footprints, the company told Bloomberg. Further details of the policy will be included in the insurer’s climate-transition plan, which will be announced later this year.