Zurich stops underwriting new oil and gas projects
In 2022, the Swiss insurance company was the world’s sixth largest fossil fuel underwriter.
Zurich Insurance will stop underwriting new oil and gas projects as part of its climate plan, arguing that new exploration and developments “are not required for the transition”.
The news was covered initially by Bloomberg, and confirmed yesterday by Zurich Chief Sustainability Officer Linda Freiner, who said the move is part of the company’s “broader climate transition journey” and aligns with the International Energy Agency (IEA) Net Zero Emissions by 2050 scenario.
