9 June 2022 A briefing released today by the international Insure Our Future campaign and Korea-based Solutions For Our Climate reveals that Australian insurer QBE is providing insurance for the construction of the Nghi Son 2 coal-burning power station in Vietnam, and the Cebu coal-burning power station in The Philippines. … Read More
Investors give QBE a free pass despite hypocrisy on climate
6 May 2022 A shareholder resolution calling on QBE to align its oil and gas underwriting and investment with the goals of the Paris Agreement achieved 19.8% support at QBE Insurance’s AGM yesterday. As has been the case for several years now, the AGM was dominated by questions regarding QBE’s … Read More
$6.8 billion fund co-files resolution targeting QBE over weak oil and gas policies
Tuesday 3 May 2022 QBE’s board is facing a confrontation with shareholders at its AGM this Thursday, with a resolution placing its oil and gas policies under the spotlight. The resolution has been co-filed by $6.8bn Australian Ethical and shareholders coordinated by advocacy group Market Forces. Active Super and U … Read More
QBE supports Paris and net zero with words, undermines them with actions
For immediate release: 18 February 2022 QBE’s willingness to underwrite new oil and gas projects will see it once again face a shareholder resolution, coordinated by Market Forces and co-filed with Australian Ethical, an investor managing over $6.5 billion as of September 2021. The resolution calls on QBE to align … Read More
QBE’s do-nothing oil and gas policy critiqued at AGM
05 MAY 2021 Today’s QBE annual general meeting (AGM) saw a significant increase in the shareholder vote on a resolution calling for the insurer to set Paris-aligned oil and gas exposure targets, despite the company having attempted to placate investors with a lacklustre policy update in the interim. 21.4% of … Read More
QBE kicks climate can down the road & keeps supporting oil and gas expansions despite massive loss
19 February 2021 Together with the announcement of a massive A$2b loss due in part to ever-worsening extreme weather, fuelled by the burning of oil and gas, QBE’s updated Environmental and Social Risk Framework, released today, includes oil and gas targets which ignore the urgency of the climate crisis and … Read More
Media release: QBE faces shareholder resolution after kicking climate can down the road
For immediate release: 19 February 2021 QBE’s updated Environmental and Social Risk Framework, released with its full year results today, includes oil and gas targets which ignore the urgency of the climate crisis and are out of line with the Paris Agreement goal of keeping warming to 1.5 degrees. QBE … Read More
Suncorp and IAG dumping fossil fuels but policy gaps remain
23 October 2020 Amidst ever-worsening extreme weather and the hits to their bottom lines it is causing, two of Australia’s three big insurers faced shareholders at their annual general meetings this week. Over the last 18 months both have taken significant steps away from supporting coal, oil and gas in … Read More
Suncorp out of oil and gas drilling, leaving QBE isolated
21 August 2020 Suncorp has sent a clear message that it will not be a part of the Federal Government’s gas expansion plans, with an updated policy released today that bans the company from investing in, financing and insuring new and additional oil and gas exploration and production. In 2020, … Read More
Media release: Suncorp rules itself out of Government’s gas push
For immediate release, 21 August 2020 Suncorp has sent a clear message that it will not be a part of the Federal Government’s gas expansion plans, with an updated policy released today that bans the major Australia-based insurance company from investing in, financing and insuring new and additional oil and … Read More