German financial giant Allianz reducing coal investments
BERLIN (AP) — German financial group Allianz SE says it will over the next six months decrease investments in companies using coal and boost funding on those focused on wind power.
CEO Oliver Baete said Tuesday that Allianz will no longer invest in companies if more than 30 percent of sales come from coal mining or if they generate more than 30 percent of electricity from coal.
He said Allianz is making the move ahead of next week's United Nations climate change conference in Paris with "an eye on the two-degree goal" of the negotiations.
Investment chief Andreas Gruber told ZDF television that Allianz is convinced "climate-damaging investments no longer pay off in the future" and that Allianz will double wind energy investments to 4 billion euros ($4.4 billion) in coming years.