Australia’s QBE Insurance Group plans to stop providing insurance coverage for coal mines and coal power facilities, as part of its commitment to support the objectives of the Paris Agreement.

Releasing its new energy policy, the insurance group said that it plans to phase out all direct insurance services for thermal coal companies by 2030.

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It, however, plans to continue providing insurance cover to metallurgical coal and oil and gas companies, subject to any additional international developments as the world shifts to a lower carbon economy.

QBE will stop insuring construction projects for coal mines, coal power facilities and thermal coal transport infrastructure from 1 July, reported Reuters.

Currently, thermal coal customers – those with over 30% of revenue or 30% of power generation from thermal coal – form less than 0.5% of current premium revenue for QBE.

QBE Group CEO Pat Regan said: “Consistent with the scientific reports of the Intergovernmental Panel on Climate Change, we recognise that a failure to rapidly decarbonise our economies will lead to increasingly volatile and severe weather-related events.

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“As an international insurer, with products covering a diverse portfolio including property, crop, energy, marine and aviation, we are acutely aware of the risks and opportunities that climate change presents for our customers and our business.

To help clients transition to a lower carbon economy, the firm plans to increase its range of insurance services to accommodate changes in policy and technology.

QBE will also continue financing renewable energy infrastructure.