Munich Re cuts coverage for oil and gas projects
The world’s biggest reinsurer Munich Re has cut back its coverage of oil and gas projects, as activists step up pressure on the industry to do more to tackle climate change.
The German reinsurance group said on Thursday that from April next year, it would no longer invest in or insure the planning, financing, construction or operation of new oil and gasfields, new oil-fired power plants or developments in “midstream” oil infrastructure like storage and transport.
But it did not rule out offering coverage for new gas pipelines, liquefied natural gas plants and gas-fired power plants.
This story originally appeared on: Financial Times - Author:Kenza Bryan
