Munich-based insurance provider Allianz will stop financing coal-based business models and turn its focus to wind energy, the company’s chief investment officer Andreas Gruber said in an interview given to German TV station ZDF.
Allianz will no longer invest in companies that derive more than 30 percent of revenue from coal mining or generate over 30 percent of their energy from coal, Gruber said.
The insurer will make the switch in the next six months, according to Gruber, and double its involvement in wind energy projects to around EUR 4 billion.
The company has announced the move ahead of the 2015 Paris Climate Conference, saying that it is ”aware of the two-degree-target of the Paris climate negotiations as well as the economic risks involved.”
Offshore Wind News Staff; Image: Allianz