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All told, 24 would-be LNG developers have received natural-gas export permits from the federal energy regulator, though many of those will not proceed. Ottawa is currently developing a transition taxonomy – essentially a guideline as to which types of investments are appropriate in the transition to a net-zero economy.
As a result, this year’s proposals ask the insurers to commit to a time-bound phase-out of underwriting new fossil fuel exploration and development projects aligned with limiting temperature rise to 1.5°C.
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