Zurich has confirmed plans to exclude the underwriting of new oil and gas extraction while cracking down on client plans to expand into metallurgical coal mining projects.
The plans, first reported by Bloomberg yesterday, also entail asking the highest-emitting corporate customers to cut their carbon footprints.
Zurich said in a statement that the reports were accurate and cover new oil and gas projects.
“Zurich will publish further details later this year with the group’s climate transition plan,” it added.
“By the end of the year (2024), we expect these positions to be fully embedded within our underwriting process.”