Munich Re to quit coal-related investmentsAugust 9 2018 by InsuranceAsia News Staff
Munich Re has said that it will limit its investments in the stocks and bonds of companies that derive more than 30% of their business from burning coal.
The move now makes Munich Re one of several other major insurers who have adopted similar policies (the others include AXA, Allianz, and Zurich).
Munich Re’s decision to cut coal-related investments comes as policymakers around the world are pushing companies to do more to help meet a target, agreed in Paris in 2015, to limit global warming to below 2 degrees Celsius.
Despite being a vocal supporter of the Paris deal, Munich Re had said as recently as last month that it did not plan to follow Swiss Re in limiting its underwriting of coal companies.
Last month, Nippon Life also decided to restrict new finance for coal plant projects regardless of their location.
Japan is a key global player in the Asian coal fired power sector, alongside China, and is the largest financier and promoter of new coal power.
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