There is a caveat clause; coverage can be given if they meet energy transition requirements. Generali will end offering policies for risks related to the “midstream” and “downstream” sectors of the oil and gas industry, which include liquified natural gas (LNG) terminals, pipelines, and gas-fired power plants.
Officially, the turnaround is justified by the company’s need to align its long-term goals with those linked to the Paris Agreement, which aims to limit global warming to less than 2°C.