Munich Re rules out oil and gas

Written by Adam Cadle

06/10/2022

Munich Re will no longer invest in or insure contracts/projects exclusively covering the planning, financing, construction or operation of new oil and gas fields, new midstream oil infrastructure and new oil fired power plants, as of 1 April 2023.

The reinsurer said this applies to direct illiquid investments, and in its own listed equities & corporates portfolio, it will cease to conduct new direct investments in pure-play oil and gas companies.

As of 1 January 2025, Munich Re will require a credible commitment to net-zero greenhouse gas emissions by 2050 including corresponding short- and mid-term milestones from listed integrated oil and gas companies with the highest relative and absolute emissions.

Regine Richter, insurance campaigner at urgewald, said: “We welcome that Munich Re is catching up with the leading insurers on climate by ruling out support for new oil and gas fields, new oil infrastructure and new oil plants. The world's largest reinsurer has now shown that it's starting to take its own climate warnings seriously.”

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