ALLIANZ OIL AND GAS EXIT POLICY WELCOMED

Campaigners have welcomed pledges made by Allianz to adopt an ambitious oil and gas exit policy. The German insurance giant has committed to stop insuring and investing in new oil and gas fields, new oil power plants, new midstream oil infrastructure and practices relating to the Arctic as of January 2023. In addition, it will not renew existing contracts for such projects as of July 1, 2023. Climate group Insure Our Future said Allianz’s commitment “raises the bar” for the insurance industry, and it called on other insurers to follow suit. Allianz is the 10th major insurance company to adopt oil and gas restrictions, following recent policies from Swiss Re and Hannover Re. Campaigners said there is now “real momentum” for all insurance companies to adopt oil and gas policies that align with climate science.