With Hannover Re the latest to restrict investment in coal, now nearly half of the global reinsurance market has divested from “the biggest single source” of carbon emissions.
That is according to the Unfriend Coal campaign and supporter NGO Urgewald, which have been calling on the insurance industry to turn its back on coal not only when it comes to coverage but also in terms of investments. The groups cited the reinsurance giant as having set a tight threshold by divesting from firms that have more than 25% of annual revenues coming from the fossil fuel.
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