29 °C Singapore, SG
February 22, 2024
Latest News
Corio Generation and bp Alternative Energy Investment Ltd invest in South Korea Australia missing climate targets Advocating for US based offshore wind Broken Record, Temperatures hit new highs, yet world fails to cut emissions (again) Toshiba and GE to shore up Japanese offshore wind domestic supply chain How I got here… National University of Singapore green finance academic Sumit Agarwal Multi-billion-dollar renewables project earmarked for Yindjibarndi native title land Smart Energy Finances: Enel divests 50% of Australian renewable operations to Japanese oil and gas giant Critical minerals investments surged by 30% finds IEA Kung Fu nuns fight climate change One of Southeast Asia’s largest energy storage systems comes online Why turning waste into gas will add value to this Indigenous economy Renewable energy records tumble around Australia as rooftop solar power soars Topsoe supports SGP BioEnergy in renewable fuels production in Panama ‘Poor tropical regions’ suffer greatest economic damage from worsening heatwaves UNEP: Meeting global climate goals now requires ‘rapid transformation of societies’ Analysis: Africa’s unreported extreme weather in 2022 and climate change Partly wind-powered coal ship sails into Newcastle New fossil fuels ‘incompatible’ with 1.5C goal, comprehensive analysis finds Australian offshore wind ‘supercharged’ in Victoria as billions pledged to fast-track projects Goldwind turbine ‘breaks world record for largest rotor diameter’, Chinese media reports BW Ideol to work with developer Taiya on Taiwan floating wind pilot US to boost floating wind power Wind Power in South Korea – an overview Korean business group has asked the US to make exceptions for Korean EV’s in Inflation Reduction Act GS E&C to develop bioethanol using cassava waste Equinor’s Australian offshore wind debut Global energy transition stalls – 2022 Global Status Report in pictures India’s ReNew Power secures $1bn loan for gigascale 24/7 wind-solar-battery project POSCO International to merge with POSCO Energy

Australia’s Suncorp to stop financing, insuring oil and gas industry by 2025

The Guardian:

Major Australian insurer Suncorp will end any financing or insuring of the oil and gas industry by 2025, adding to the group’s existing ban on support for new thermal coal projects.

The insurer revealed on Friday it had already stopped insuring, underwriting or directly investing in new oil and gas projects and would phase out underwriting and financing existing oil and gas businesses by 2025. All direct investing in the oil and gas sector would end by 2040, the company said in a report.

Suncorp said the move built on its commitment last year to end any backing of thermal coal projects.

At the end of June, the company said fossil fuel extraction and generation made up less than 0.1% of its general insurance business. Among its insurance and shareholder investment assets, exposure was below 0.5%, and was less than 1.5% of all the investments it managed.

“Suncorp will continue to underwrite, lend to and invest in companies whose business is clearly consistent with the transition to a net-zero emissions economy by 2050,” the report said. Current investments in low carbon industries stood at $236m at the end of June, the company said.

Insurance companies globally are introducing internal guidelines restricting their exposure to fossil fuels. At least four insurers of Australia’s controversial Adani coal mine have backed away from the project. In 2019 Suncorp said it would not finance or insure new thermal coal mines and power plants and would not underwrite existing thermal coal projects after 2025.

[Graham Readfearn]

More: Insurance giant Suncorp to end coverage and finance for oil and gas industry

Source

Leave a Reply

Your email address will not be published. Required fields are marked *