Zurich: Stop insuring oil and gas projects!

Climate activists from Campax overshadow Zurich Group’s annual general meeting with huge banner stating “Zurich stop insuring oil and gas projects”. 

Today, Campax denounced the climate policy of Zurich Insurance with a 10×13 meter banner hung outside the insurance giant’s headquarters just hours before its annual general meeting. The climate activists are demanding Zurich’s withdrawal from the oil and gas business. 

Zurich Group is one of the world’s three largest insurers of oil and gas. This is despite the fact that it has committed itself to limiting CO2 emissions in line with the 1.5°C target. While the insurance company has an existing set of rules for phasing out coal and oil sands if it wants to meet its own climate targets, it needs an oil and gas exit strategy.

Angelina Dobler, Climate Campaigner at Campax:

While Zurich’s coal policy is a step in the right direction, it remains completely silent on oil and gas. In order to comply with a 1.5ºC pathway, it is imperative that Zurich stops insuring all climate-wrecking fossil fuel projects and companies. Zurich has the opportunity to become a climate leader in the insurance industry by adopting a credible and consistent oil and gas exit strategy, now.”

Background information:

  • The burning of oil and gas is responsible for 55% of all carbon emissions. 
  • The IPCC’s 1.5°C report in 2018 found that without massive deployment of technologies that do not currently exist, there is no room in the carbon budget for new oil and gas projects. 
  • The Production Gap Report found that existing oil and gas operations must also be phased out over time. Global oil and gas production must decline by 4% and 3% per year, respectively, by 2030 to be consistent with a 1.5°C pathway. 

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