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. 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. 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. Campaign group Market Forces said it had been told by Suncorp the company had already begun offloading shares in oil and gas companies.

Source: The Guardian August 21, 2020 04:18 UTC