Business
Insurance giant Suncorp to end coverage and finance for oil and gas industry – The Guardian
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 groups 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 a…
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