Skip to content
  • MyNewMarkets.com
  • Claims Journal
  • Insurance Journal TV
  • Academy of Insurance
  • Carrier Management
Insurance Journal - Property Casualty Industry News

Featured Stories

  • Farmers Data Breach Could Impact 1M+ Customers
  • ‘Big Four’ Reinsurers Maintain Property-Cat Appetite
  • Articles
  • Jobs
  • Markets

Current Magazine

current magazine
  • Read Online
  • Subscribe
  • Login
  • Front Page
    • National
    • International
    • Most Popular
    • Magazine
    • Forums
    • Blogs
    • Videos/Podcasts
    • Newsletters
  • News
    • Most Popular
    • National
    • International
    • East
    • Midwest
    • South Central
    • Southeast
    • West
  • Magazines
  • Research
  • Directories
  • Jobs
  • Features
    • Events
    • Forums
    • Market Directories
    • Quotes
    • Polls
    • Rankings & Awards
    • Insurance Giving Back
  • Subscribe

Top Investor Group Including Allianz Warns Firms to Cut Ties to Coal

By Simon Jessop | November 9, 2020
Email This Subscribe to Newsletter
  • Article

Some of the world’s largest insurers and pension schemes are warning companies they invest in not to finance, insure, build, develop or plan new thermal coal plants or face sanctions, including possible divestment.

The Net-Zero Asset Owner Alliance, whose members include German insurer Allianz and manage a combined $5 trillion in assets, is making the call after a recent commitment to set tougher carbon limits on their portfolios.

To meet the terms of the Paris Agreement on climate change, which aims to limit global warming to 1.5 degrees Celsius above pre-industrial norms by 2050, developed economies need to phase out most thermal coal by 2030, with a global phase out by 2040.

In a report seen by Reuters ahead of its release on Monday, the alliance said all companies owned by the group needed to develop their own plans to transition away from thermal coal.

“If no long-term carbon footprint reduction can be produced the members will need to escalate and ultimately divest,” Günther Thallinger, Member of the Board of Management, Investment Management, Environmental, Social and Governance (ESG) at Allianz, said.

To help guide them, the group issued a set of core principles including that, other than coal plants currently under active construction, no further thermal coal power plants should be financed, insured, built, developed or planned.

“Alliance members believe that all companies in our portfolios should have a firm understanding of the wider implications for the activities, operations and projects that they are engaged in,” the report says.

There should also be an immediate cancellation of all new thermal coal projects that are in a pre-construction phase, including coal mines and related infrastructure, as well as the supply of other products or services.

In addition, all unabated existing coal-fired electricity generation, that which is not captured by carbon sequestration or storage, should be phased out, it said, adding:

“Participation in activities and projects that are not aligned with these principles is incongruent with our net-zero goals and the aspirations we have in respect to the different decarbonization strategies of the companies we invest in.”

(Reporting by Simon Jessop; Editing by Alexander Smith)

Copyright 2025 Reuters. Click for restrictions.

Topics Allianz

Was this article valuable?

Thank you! Please tell us what we can do to improve this article.

Thank you! % of people found this article valuable. Please tell us what you liked about it.

Here are more articles you may enjoy.

When Luck Runs Out: Where $100B Hurricanes Might Happen
Northwestern Settles Hazing Scandal Lawsuit With Former Football Coach
20 Years After Katrina, Hurricane Risks to Gulf Coast Rising, Scientist Warns
Ford to Recall Hundreds of Thousands of Vehicles Over Instrument Panel, Leak Issues

Written By Simon Jessop

More From Author

The most important insurance news,
in your inbox every business day.

Get the insurance industry's trusted newsletter

Email This Subscribe to Newsletter
  • Categories: International & Reinsurance NewsTopics: Allianz, Allianz ESG Guidelines, Climate Change, coal investments, Environmental, environmental social and governance (ESG) criteria, ESG investing, fossil fuel divestment, Net-Zero Asset Owner Alliance
  • Have a hot lead? Email us at newsdesk@insurancejournal.com
More News
Canada’s 2023 Wildfires Pushed Air Pollution to Decade-Level Highs
Sierra Club Received Sex Harassment Complaint About Then-Chief Earlier This Year
AM Best Affirms A+ Financial Strength Rating for Allstate Group Members
US, Allies Step Up Fight Against North Korean Cyber Activities
More News Features

Read This Next

  • Top Investor Group Including Allianz Warns Firms to Cut Ties to Coal
  • Columbia University Hack Affected 870,000 People, Included Some Health Data
  • Ford to Recall Hundreds of Thousands of Vehicles Over Instrument Panel, Leak Issues
  • PE Firm B.P. Marsh Invests in New Collateralized Reinsurer to Support Growth of XPT
  • Litigation Funder's Plan to Invest in Law Firms Called 'Bad Policy,' With Big Impacts

Insurance Jobs

  • Insurance Account Executive/Manager Wanted Flexible Hours, Potential Equity - Dix Hills/Deer Park, NY
  • Sales Executive, Personal Insurance - Hartford, CT
  • CLIENT SERVICE SPECIALIST- Equisport - Poughkeepsie, New York
  • Product Marketing Senior Consultant I – (Remote) - Illinois, IL
  • Underwriter – Workers Compensation – REMOTE - Remote
MyNewMarkets
  • When Insurance Isn't the Optimal Risk Management Approach
  • Reputation Risk Can Overshadow Ransom in Cyberattacks, Aon Says
  • Tackling Cyber Risks: The Vital Role of Brokers in Third-Party Data Protection
  • DIY Home Inspections Are Taking Over, Firms Say
  • Six Things to Know About Umbrella Insurance
Claims Journal
  • When Luck Runs Out: Where $100B Hurricanes Might Happen
  • Cyber Outlook Report Finds Gaps, Outlines Holistic Approach to Protections
  • Commercial Property Claims in 2025: Repair Costs, Timeliness and Smarter Solutions
  • Korea's Cyber Regulator Slaps Hefty Fine on SK Telecom for Years of Negligence
  • Sedgwick: Recalled Products in US Hit Lowest Quarterly Level in 3 Years
Academy of Insurance education
  • August 7 EPLI Basics
  • August 14 Managing and Insuring Reputational Risk
  • August 19 How To Write: Flood
  • August 21 Workers' Comp Crash Course

Insurance News

  • News by Region
  • News by Topic
  • Yesterday

Site Search

Features

  • Insurance Markets Directory
  • Forums
  • A.M. Best Company Ratings
  • Industry Events
  • Agencies For Sale
  • Newswire
  • Insurance Jobs
  • Rankings & Awards

Connect with us

  • Email Newsletters
  • Magazine Subscriptions
  • For Your Website
  • RSS Feeds
  • Twitter
  • Facebook
  • LinkedIn
  • Do Not Sell My Info

Insurance Journal

  • Submit News
  • Advertise
  • Subscribe
  • Reprints
  • Link to Us
  • Contact Us

Wells Media Group Network

  • Insurance Journal
  • MyNewMarkets.com
  • Claims Journal
  • Insurance Journal TV
  • Academy of Insurance
  • Carrier Management
© 2025 by Wells Media Group, Inc. Privacy Policy | Terms & Conditions | Site Map