Australia's QBE Insurance Group Ltd plans to stop offering new policies for...
MELBOURNE - Australia’s QBE Insurance Group Ltd plans to stop offering new policies for thermal coal mines and coal-fired power stations to help encourage a low carbon economy and combat climate change.
Fossil fuel divestment has gathered pace over the past few years as pension funds, sovereign wealth funds and universities have sold oil, gas and coal stocks, especially after the 2015 Paris climate agreement set a goal of phasing out the use of fossil fuels this century. From July 1, it will no longer offer any new direct insurance services for construction projects for thermal coal mines, coal-fired power stations or thermal coal transport infrastructure, it said.
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