Insurance giant Suncorp to end coverage and finance for oil and gas industry
(The Guardian, 21 Aug 2020) Suncorp’s decision to pull out of industry by 2025 puts it at odds with government push for gas-led recovery.
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.
The insurer revealed on Friday it had already stopped insuring, underwriting or directly investing in new oil and gas projects and would phase out underwriting and financing existing oil and gas businesses by 2025.
All direct investing in the oil and gas sector would end by 2040, the company said in a report.
The announcement puts the company at odds with the advice of the government’s Covid advisory commission, which has recommended Australia’s economic recovery from the pandemic should have a focus on gas.