Starting from 1st April 2023, the business has set 'ambitious' decarbonisation targets for its investments, its (re)insurance transactions and its own business operations.
From that date, the group will no longer invest in or insure projects which exclusively cover new oil and gas fields, midstream infrastructure relating to oil, and oil fired power plants, providing production or construction has not yet taken place by the end of 2022.
The group also will cease to invest directly in pure-play oil and gas companies in its own listed equities and corporate portfolio.
Looking further forward, as of January 2025 Munich Re will also require integrated oil and gas companies to demonstrate a 'credible commitment' to net-zero greenhouse gas emissions by 2050.
Munich Re's statement added that "[as] an environmentally conscientious business, Munich Re aims to play its part in meeting the targets of the Paris Climate Agreement".
