The Zurich Insurance Group AG will no longer insure new oil and gas projects and will push its highest-polluting customers to slash their carbon pollution, Bloomberg reports. Explaining that new oil and gas extraction is incompatible with the firm’s goal of reaching net-zero emissions by 2050, Zurich head of commercial insurance Sierra Signorelli told Bloomberg, “Further exploration and development of fossil fuels isn’t required for the transition. … We think it’s the right time to evolve our position.” Zurich raked in $2.1 billion in fossil fuel premiums last year, equal to about 7% of the firm’s total commercial premiums, and will not stop insuring ongoing projects. (Bloomberg $)