QBE delivers climate change action

As part of its commitment to act on climate change, Australia’s third largest insurer has announced its plans to stop offering insurance cover for thermal coal mines and coal-fired powered stations and has released its new energy policy. QBE Insurance Group said that by 2030, it will phase out all direct insurance services for thermal coal customers, which make up less than 0.5% of its current coal revenue, but will continue to invest in and provide insurance services for metallurgical coal and oil and gas companies. Effective July 01, QBE will stop offering any new direct insurance services for construction projects for thermal coal mines, coal-fired power stations, or thermal coal transport infrastructure, Reuters reported. “We also commit to targeting zero direct investments in the thermal coal industry by July 01 this year, while maintaining a margin of up to 0.5% of total funds under management,” said Pat Regan, QBE Group CEO.

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