SCOR , the world's fourth-biggest reinsurer, said on Wednesday it would stop covering new oil field production projects from 2023 unless the company involved had an acceptable plan to reach net-zero emissions by mid-century.
Plans to double coverage of low-carbon energies by 2025, the world's fourth-biggest reinsurer, said on Wednesday it would stop covering new oil field production projects from 2023 unless the company involved had an acceptable plan to reach net-zero emissions by mid-century.
The move is the latest by a leading insurer to impose tighter policy conditions on coverage for the oil and gas sector, the main driver of man-made greenhouse gas emissions, as scientists warn faster action is needed on climate change. It also follows an International Energy Agency report last year which said expansion of the oil and gas industry needed to cease if the world wanted to cap global warming at 1.5 degrees Celsius above the pre-industrial average.SCOR said in a statement accompanying results of the French company's annual general meeting that it aimed to double the amount of insurance coverage for low-carbon energies by 2025.
"SCOR believes that reaching net zero can only be achieved by combining climate mitigation and climate adaptation measures, supported by strong engagement with clients and partners, and an active approach to transition," it said. The move came as the U.N. Secretary-General called for a global coalition to hasten the shift to renewables.
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