18:03 GMT +321 October 2018
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    A brown coal power plant photographed in morning fog near Hoeningen, Germany, Monday, Nov. 6, 2017

    Fossil Fuels on the Way Out as Biggest EU Insurer Ditches Coal

    © AP Photo / Federico Gambarini
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    Europe’s biggest insurer will soon cease insuring coal-fired power plants and phase out investment into fossil fuel-burning power generation.

    Allianz, the largest insurance company in Europe, will no longer insure coal-fired power plants and the coal mines used to feed those grids, as part of a contribution to combat global warming as a result of human-induced climate change.

    Investment in coal companies and their attendant technologies will be phased out by 2040, as heavy speculation into renewable energies will become the primary focus of the 2-trillion-euro financial management network.

    Founded in 1890, the Munich-based asset management giant announced Friday that it would include the 2015 Paris climate accord goal — preventing overall global warming from rising above 2 degrees Celsius — as a key element in considering business strategy.

    Burning coal for electricity and heat is a primary source of carbon emissions currently contributing to the greenhouse effect.

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    Tags:
    renewable energy, fossil fuels, investments, carbon emissions, climate change, global warming, Allianz SE, Munich, Germany, Europe, Earth
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