French global insurer AXA has become the latest to announce that it is cutting ties with coal. AXA has told European coal companies that they should publish plans to phase out coal in accordance with the UN Paris climate agreement by 2021. AXA has also announced that it will totally phase out its insurance and investment exposure to coal in European Union countries and member countries of the Organisation for Economic Cooperation and Development (OECD) by 2030. It will phase out insurance and investment in coal everywhere else by 2040.
The policy will exclude approximately 400 companies with coal-plant and mine expansion plans. It includes a refusal to renew contracts for clients highly exposed to coal, AXA said.
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