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Major investor alliance to stop funding new oil and gas projects - Upstream Online

Upstream Online · last updated

Major investor alliance to stop funding new oil and gas projects | Upstream Online

A grouping of major investors has announced it will require its members to stop direct investment in new upstream oil and gas projects.

The Net Zero Asset Owner Alliance (NZAOA) includes 85 international institutional investors who control a total $11 trillion in assets under management.

Brought together under the UN Environment Programme Finance Initiative (UNEPI), its members include major investors Aviva, Unipol, Allianz and others.

In a latest review of its guidelines to members, the group argued that the shift away from fossil fuels must accelerate to speed up progress towards the energy transition and align the global economy to 1.5

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