Allianz Group To Quit Backing New Oil and Gas Fields https://www.zerohedge.com/commodities/allianz-halt-insurance-oil-gas-projects-2023-amid-worsening-supply-outlook
Allianz To Halt Insurance For Oil, Gas Projects In 2023 Amid Worsening Supply Outlook
The Allianz Group, one of the world's largest insurers and asset managers, published a statement Friday detailing how it will no longer insure and invest in new oil and gas fields starting in 2023. This comes at the worst possible time for extremely tight oil markets as Russian production drops due to hard-hitting Western sanctions, igniting fuel shortages in Europe, the US East Coast, and other parts of the world.
Allianz said it won't offer new single-site and stand-alone property insurance and casualty insurance coverages (and renew existing contracts after July 1, 2023) and will halt new funding for exploration and development of new oil and new gas fields (upstream), construction of new midstream infrastructure related to oil, construction of new oil power plants, and projects in the Arctic.
The new guidelines come as the company is "accelerating the deployment of its climate strategy and has announced new ambitious commitments in both its core business and operations ... limit the greenhouse gas emissions (GHG) deriving from Allianz's sites and activities in over 70 markets to net-zero by 2030, instead of 2050 as originally planned."