Europe’s biggest insurance group, Germany-based Allianz, stops selling policies to coal companies effective immediately under efforts to reduce the use of fossil fuel and foster climate-saving energy policies.
Munich, Germany-based Allianz Group announced on Friday that it would refuse insurance coverage of coal-fired power plants and coal mines with immediate effect, and would aim to get rid of all coal risks in its business by 2040.
Read more: How can the world move beyond fossil fuels?
In addition, Europe’s biggest insurer said it would stop investing in companies that do not cut their greenhouse gas emissions.
“We want to promote the transition to a climate-friendly economy,” said chief executive Oliver Bäte, adding that the company wanted to get “even more serious on global warming.” Continue reading “Europe’s biggest insurance group Allianz stops insuring coal companies”