European insurance giant will halt sales to coal companies

Germany's Allianz wants all coal companies out of its insurance portfolio before 2040.

Photo: ritzau/Arkiv/Niels Hougaard

Europe's largest insurance provider, German-based Allianz, has promised to withdraw from all business engagements with coal companies before 2040, writes Financial Times.

Allianz announced on Friday its immediate intention to divest from several coal power plant and coal mines, and that it would phase out all its risk in the sector within the coming 22 years.

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