Munich Re, the world's largest reinsurer, has taken a major step away from oil and gas and of 1 April 2023 it 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.

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. We would have wanted to see bolder steps on gas, but at least with this policy the world's largest reinsurer has now shown that it's starting to take its own climate warnings seriously.”

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