QBE to Assess 'Transition Maturity' of In-Scope Oil, Gas Customers Under New Framework

MT Newswires Live12-08

QBE Insurance Group (ASX:QBE) said Monday it will assess the "transition maturity" of its in-scope oil and gas customers through a new customer assessment framework, effective Jan. 1, 2026.

The insurer said in a statement that its commitment to achieve "net zero" operations by 2030 across scope 1 and 2 emissions, as well as certain scope 3 emissions relevant to its operations, as it reassessed its commitment to achieve net zero emissions in its underwriting and investment portfolios by 2050.

It will also scale insurance solutions that facilitate the transition, including products and services that support climate change mitigation. It will enhance its own understanding of higher-emitting portfolios and identify opportunities to support its customers' transition.

The company said it would continue to incorporate climate risk and decarbonization "pathways" into investment due diligence for its in-house managed investments and external managers and advance the climate alignment of its investment portfolio.

QBE Insurance Group's shares gained about 1% in recent Monday trade.

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