German insurance giant Allianz said Friday it would stop insuring coal-fired power plants and mines extracting the fuel, adding that it aims to divest from the sector completely by 2040. "We want to promote the transition to a climate-friendly economy," said chief executive Oliver Baete, with the move part of a wider push to integrate the 2015 Paris Climate Agreement into the group's operations.
Allianz will continue for now to insure firms that produce energy from "multiple sources" including renewables or other fossil fuels as well as coal Industrial insurance boss Chris Fischer said the firm would "work closely together" with its clients to develop lower-carbon options. Allianz also invests the vast volumes of premiums it collects from insurance customers on financial markets, giving it another channel to influence businesses towards reducing greenhouse emissions.