French state-backed reinsurer, CCR, will no longer make new investments in companies developing new oil and gas projects across the entire value chain, according to its new investment policy.
This is the first such policy for a public reinsurer in Europe, and means CCR will no longer finance companies responsible for exacerbating climate risks worldwide.
CCR has strengthened its fossil fuel policy by ending all new direct investments in companies developing new oil and gas fields (upstream), new pipelines and new liquefied natural gas (LNG) terminals (midstream) and new oil or gas-fired power plants (downstream).
Reclaim Finance insurance campaigner, Ariel Le Bourdonnec, said: “The French state-backed reinsurer is setting an example for all state-backed reinsurers by ending support for oil and gas expansion. Insurers cannot claim to be acting to protect the public from floods, wildfires or extreme weather events if they are also investing in fossil fuel expansion. They have a responsibility not to invest in assets that make the problems worse. Other public and private insurers and reinsurers in Europe must follow this lead.”
