World’s largest insurance company Allianz divests from coal

The world’s largest insurance company, Allianz announced that it will pull the plug on investments in coal companies and increase investments in wind energy. Allianz is one of the largest financial institutions in the world. It’s estimated that the decision will result in a shift of €4 billion.

350.org Europe campaigner Nicolò Wojewoda comments: “As the world’s largest insurance company, Allianz knows a thing or two about risk – and there’s no greater risk for the climate than continuing to invest in an industry that is wrecking the planet. Divestment from coal is a heartening first step; ultimately, however, 80% of all fossil fuel reserves need to stay in the ground to avoid dangerous and irreversible climate change.”.….