Canada
This article was added by the user . TheWorldNews is not responsible for the content of the platform.

Munich Re to stop its backing for new oil, gas fields

Author of the article:

The Associated Press

The Associated Press

BERLIN (AP) — Munich Re, one of the world’s biggest insurance companies, said Thursday that it will stop backing new oil and gas fields beginning next April.

The company said it will also no longer invest in or insure new oil pipelines and power plants that weren’t already under construction by Dec. 31, 2022.

Sign up to receive the daily top stories from the National Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Munich Re said the moves were part of its effort to reduce the harmful impact its business has on the environment. The burning of oil and gas is one of the main sources of greenhouses gases fueling climate change.

Munich Re provides so-called reinsurance contracts that help other insurers spread risks. It also invests the insurance premiums it receives from customers and third-party assets, making it a major institutional investor.

——

Follow all AP stories on climate change issues at https://apnews.com/hub/climate-and-environment.