Allianz to Stop Selling Insurance to Coal Companies
Published on by Yoshimi Yoshida, Environmental Consultant at Yoshimi Yoshida Environmental Nutrition Consulting Service in Business
Europe’s biggest insurer aims to withdraw completely from sector by 2040.
Allianz has pledged to stop selling policies to coal companies in an effort to cut back the use of fossil fuels. Europe’s biggest insurance company said on Friday that it would immediately pull its coverage from single coal-fired power plants and coal mines, and that it would phase all coal risks out of its business by 2040. It also said it would stop investing in companies that do not cut their greenhouse gas emissions. The move, which will apply to Allianz’s €664bn of investments, is an extension of its coal divestment policy that was announced in 2015. Oliver Bäte, chief executive of Allianz, said: “Allianz wants to cut the biggest climate killer out of the core business over time. We are getting even more serious on global warming.”
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