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France’s CNP Assurances (CNPP.PA) will no longer finance new oil and gas projects or invest more money in companies planning to do so, joining the growing ranks of insurers taking a more pro-active approach to tackling global warming.

The company said it was acting in response to scientific reports, including one by the International Energy Agency, which said new projects weren’t needed if the world wanted to limit global warming to 1.5 degree Celsius above pre-industrial norms.

“To achieve the goals of the Paris Agreement (on tackling global warming), it is necessary to gradually reduce the use of fossil fuels,” Olivier Guigné, CNP’s group investment director said in a statement on the company’s website dated Feb. 16.

“The measures adopted today by CNP Assurances aim to contribute to this.”

Under the new plan, however, CNP said it would still finance subsidiaries of energy companies dedicated exclusively to renewable projects, and invest in green bonds.

Going forward, CNP said it would publicly disclose its holdings in the oil and gas sector on an annual basis.

[Simon Jessop]

More: French insurer CNP to stop financing new oil and gas projects

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