Allianz, the largest insurance company in Europe, will no longer insure coal-fired power plants and the coal mines used to feed those grids, as part of a contribution to combat global warming as a result of human-induced climate change.
Investment in coal companies and their attendant technologies will be phased out by 2040, as heavy speculation into renewable energies will become the primary focus of the 2-trillion-euro financial management network.
Founded in 1890, the Munich-based asset management giant announced Friday that it would include the 2015 Paris climate accord goal — preventing overall global warming from rising above 2 degrees Celsius — as a key element in considering business strategy.
Burning coal for electricity and heat is a primary source of carbon emissions currently contributing to the greenhouse effect.