Australian insurer Suncorp to stop underwriting new coal mines, coal-fired generation

Dec 31, 2020 xlyxpblzzgjg

first_img FacebookTwitterLinkedInEmailPrint分享The Guardian:Australian insurance giant Suncorp will no longer insure new thermal coal mines and power plants, and will not underwrite any existing thermal coal projects after 2025.This is the latest in a series of pledges by banks and financial services companies that they will not support projects that mine or burn coal used for electricity generation, in line with the goals of the 2015 Paris climate agreement. Activists said Suncorp’s announcement meant there were now no Australian insurers willing to underwrite new thermal coal developments.Suncorp, which owns insurance brands AAMI and GIO, made headlines in February when it announced its half-year profit had slumped 45%, mainly because of extreme weather events in Sydney and Queensland. Its then chief executive, Michael Cameron, called on the government to make it compulsory for Australian businesses to adopt climate change action plans to prepare for natural disasters.In a statement on Friday, the $17bn company said climate change posed a financial and strategic risk but was also an opportunity. It said it had applied a shadow carbon price, assuming greenhouse gas emissions have a cost, to its investment decisions since 2017 and had recently expanded that across all its operations.“The practical outcome of this is that we have materially reduced our investment in fossil fuels, including thermal coal,” an official said. “We will seek to increase exposure to businesses that have a positive environmental impact, including renewable energy generation and technology.”Suncorp’s competitor QBE said in March it would no longer insure new thermal coal projects and would stop underwriting existing operations from 2030.More: Insurance giant Suncorp says it will no longer cover new thermal coal projects Australian insurer Suncorp to stop underwriting new coal mines, coal-fired generationlast_img

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