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Suncorp customers ‘disgusted’ after CEO defends fossil fuels divestment

The Suncorp Group have attracted criticism after announcing they will no longer support fossil fuels while handing down their yearly results.

In their 2019-20 Responsible Business Report, Suncorp committed “to cease underwriting, financing or directly investing in new oil and gas projects, phase out underwriting and financing oil and gas by 2025, and directly investing by 2040”.

CEO Steve Johnston called it a “pragmatic decision” in line with their disaster mitigation and resilience focus.

Despite the statements contained in the yearly report, he denied any significant current investment in fossil fuels.

“Underwriting or investing in big projects of these types are not in our risk appetite,” he told Scott Emerson.

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4BC Drive listeners were outraged by Mr Johnston’s comments, calling in to tell Scott they’ll consider switching insurers after the company showed its true colours.

“If he’s not on our side, well I’m not going to be on his side,” Ray, a Suncorp customer and small business owner, said.

Wayne agreed, and said he was “fairly disgusted” by the decision.

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Image: Getty