Munich Re to stop its backing for new oil, gas fields

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BERLIN (AP) — Munich Re, one of the world's biggest insurance companies, said Thursday that it will stop backing new oil and gas fields beginning next April.

The company said it will also no longer invest in or insure new oil pipelines and power plants that weren't already under construction by Dec. 31, 2022.

Munich Re said the moves were part of its effort to reduce the harmful impact its business has on the environment. The burning of oil and gas is one of the main sources of greenhouses gases fueling climate change.

Munich Re provides so-called reinsurance contracts that help other insurers spread risks. It also invests the insurance premiums it receives from customers and third-party assets, making it a major institutional investor.

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