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Global insurance giant, Allianz, is the latest major firm to take a stance against the coal industry. The move comes following criticism from environmental groups, with Europe’s biggest insurer announcing that it will stop insuring coal-fired power plants and coal mines with immediate effect. The new policy comes as part of a wider initiative in support of the fight against climate change.

The company has also announced plans to phase out investments in coal companies and increase renewable energy usage by 2040.

According to the Associated Press, “Munich-based Allianz said Friday it wants to make the 2015 Paris climate accord’s goal of keeping global warming below 2 degrees Celsius a target in all of its business activities.” It is estimated that coal companies make up 30 percent of Allianz’ revenue.

While the policies are considered a step in the right direction, concerns continue about a very distant 2040 target date. Additionally, Reuters also reports that Allianz “would continue to insure companies generating power through multiple sources, including coal and other fossil fuels”.

More here.

*Currently, Allianz ranks bottom on the ethical company index. You can review the company’s ethical ranking by visiting the insurance section of The Good Shopping Guide.

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