French reinsurance major SCOR has announced restrictions on underwriting oil in a bid to accelerate its transition towards a low carbon economy.

The reinsurer has said it will stop covering new oil field production projects from 2023 unless the client has a plan to achieve net-zero targets by 2050. 

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Additionally, as part of the efforts to strengthen its sustainability strategy, SCOR aims to double the coverage for low carbon energies by 2025.

SCOR is the latest insurer to join others in tightening their policies on coverage of fossil fuels. 

Last year, International Energy Agency (IEA) published a report stating that all new investments in fossil fuels must be stopped to achieve net-zero by 2050.

The French firm said it has a longstanding commitment to fighting climate change and is taking steps to cut down greenhouse gas emissions to help transition to a low carbon economy

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“A founding member of the Net-Zero Insurance Alliance, SCOR continues to adapt its underwriting practices to actively participate in the transition to net-zero. SCOR believes that reaching net-zero can only be achieved by combining climate mitigation and climate adaptation measures, supported by strong engagement with clients and partners, and an active approach to transition,” the reinsurer said. 

Recently, other NZIA members including Allianz and Swiss Re announced new restrictive measures to achieve net-zero targets. 

While Allianz plans to achieve net-zero targets by 2030, Swiss Re aims to phase-out out thermal coal exposure by 2040.