Allianz has announced an update to its coal policy. The insurer had already excluded insurance for coal projects – specifically new coal plants and mines. With its updated policy, from 2023 on, Allianz will no longer provide property and casualty insurance to companies whose business model is based around coal and that do not have a clear phase-out plan.
Allianz’s new policy will affect companies with a coal share of power production of 25% or more and a coal-fired capacity of at least 5GW. The policy will also affect coal-mining companies with a thermal coal share of revenue of 25% or above, or a total annual coal production of 50 million tons or more.
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