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Zurich Excludes Fossil Fuels

Insurance firm Zurich has announced major new restrictions on fossil fuel, including plans to stop underwriting new oil and gas extraction and metallurgical coal projects – a decision that was welcomed by the Insure Our Future campaign. “Zurich has done the right thing by excluding new oil and gas extraction projects and showing leadership of metallurgical coal,” said Nora Scheel, Insurance Campaigner at Campax – a Swiss member of Insure Our Future. “If they aim to be the leader in sustainability they claim to be, they now need to commit to fully phasing out oil and gas insurance and investments in line with a credible 1.5°C pathway.” Zurich’s annual general meeting is scheduled on 10 April, with 50 climate activists having planned to challenge the shareholder on its climate ambitions and stage a flashmob, as well as hold protests. Zurich currently ranks as the world’s sixth biggest fossil fuel insurer. “It is encouraging that with Zurich, all big European insurers have now stopped underwriting new oil and gas extraction projects,” said Peter Bosshard, Coordinator of the Insure Our Future campaign. “AIG, Tokio Marine and big Lloyd’s insurers like Hiscox now need to move next.”

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