The German financial services firm confirmed on 4 May that it will immediately cease to fund single coal-fired plants and mines in response to criticism from environmentalists. However, the company will continue to insure firms that generate power using multiple sources, including coal and other fossil fuels. Allianz, which stopped investing in coal in 2015, also confirmed that it aims to phase out all coal insurance by 2040. In February, a report by an environmental campaign group emphasised Allianz’s leadership of a consortium underwriting coal power plants in Germany.
The German financial services firm confirmed on 4 May that it will immediately cease to fund single coal-fired plants and mines in response to criticism from environmentalists. However, the company will continue to insure firms that generate power using multiple sources, including coal and other fossil fuels. Allianz, which stopped investing in coal in 2015, also confirmed that it aims to phase out all coal insurance by 2040. In February, a report by an environmental campaign group emphasised Allianz’s leadership of a consortium underwriting coal power plants in Poland.