Allianz Tightens Coal Policy for Miners, Energy Companies
By Dieter Holger
Allianz SE put more restrictions on coal to minimize financial
dangers from climate change in the insurance giant's portfolio,
adding to the pressure that insurers are placing on the fossil fuel
business to move to cleaner energy.
The Munich-based insurer and investor, which aims for net-zero
emissions by 2050, said Monday that certain mining and
energy-providing companies could end up banned for property and
casualty insurance and financing.
Starting in 2023, mining companies that plan new coal mines or
generate more than 25% of their revenue from coal mining or more
than 10 million metric tons of coal a year would be excluded,
Allianz said. That also applies to energy companies that build new
coal-fired power plants or generate more than 25% of energy or more
than 5 gigawatts from coal annually.
"The ultimate goal of this restriction is to drive a swift
transition away from thermal coal globally," Allianz said.
Previously, Allianz's excluded utilities that generated more
than 30% of their electricity from thermal coal or miners who got
more than 30% of their revenue from coal, or if the companies
planned more than 0.3 gigawatts of additional thermal coal
Still, the insurer left open a window for companies that don't
meet its latest rules. Allianz said that if companies present a
third-party verified strategy to transition away from coal aligned
with limiting global warming to 1.5 degrees Celsius, than they
could continue to receive property and casualty insurance and
Various companies could be caught up in the new policy,
particularly in parts of Europe that have struggled to get off
Last week, Allianz's Czech subsidiary said it would end its
remaining insurance policies for the Sev.en Energy Group's Počerady
and Chvaletice coal-fired power plants in the Czech Republic by the
end of the year.
Sev.en didn't respond to a request for comment.
A spokeswoman for Allianz said the company doesn't comment on
individual clients, but said the new coal policy's main goal is to
support the transition to net-zero among companies who are big
emitters of greenhouse gas emissions.
"While its coal phase-out is not watertight yet, Allianz will
exclude more coal companies from insurance than before, which is
positive," said Regine Richter, energy campaigneer at German-based
Write to Dieter Holger at email@example.com;
(END) Dow Jones Newswires
May 03, 2021 15:14 ET (19:14 GMT)
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