30 °C Singapore, SG
July 23, 2021
Latest News
BlackRock Real Assets to back Korean offshore wind farm project CIP to sell minority stake in Taiwanese offshore wind cluster Nearly 76 Gigawatt-Hours of Battery Cells Produced in U.S.A 2010–2020 Melting tropical glaciers sound an early warning Enhanced cooperation on renewable energy transition between International Renewable Energy Agency and China Decarbonising industry is key to China’s net-zero strategy Carbon Brief’s China weekly digest. Rising seas could cost Asia’s biggest cities US$724 billion by 2030 Electric Vehicle Growth is Accelerating but its Given Rise to a New Social Faux Pas Southeast Asia PR industry launches working group to curb greenwashing Asia Pacific wind and solar spend to hit $1.3trn this decade How the next 5 years can buy us a decade to solve climate change G7 leaders urged to support SAF Uncrewed survey vehicles for offshore wind farm surveys Pathway to global climate catastrophe is clear Mohdi: India’s vision for a biofuels future EGAT to pilot flexibility in Thailand China Briefing, 3 June 2021: New climate ‘leaders group’; ‘Record-breaking’ electricity consumption; ‘Artificial sun’ Wärtsilä commissions first energy storage projects in the Philippines China’s first floating wind turbine ready for installation IEEFA Update: G7 coal finance exit and why it matters for India Accelerating Renewables in Asian Cities: Opportunities for Cleaner Air Iberdrola and Mitsubishi Power partner for renewable technologies Bundestag clears way for more climate protection in transport Analysis: China’s carbon emissions grow at fastest rate for more than a decade Ørsted forms alliance for Japanese offshore wind Hitachi ABB Power Grids selected for Thailand’s largest private microgrid Taiwanese company buys majority stake in ENGIE’s storage and EV arm US ethanol exports rebound on near-record shipments to China The Pacific calls Australia to Fund Our Future – NOT Gas.

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 *