Allianz will stop financing "coal-based business models," CEO Oliver Bäte has announced.
Europe's largest insurer will no longer invest in companies that derive more than 30% of revenue from coal mining or generate more than 30% of their energy from coal.
Bäte's announcement referred to the two-degree-target of the impending Paris climate negotiations and the economic risks involved in continued dependence on coal.
Andreas Gruber, Allianz's chief investment officer, said the insurer would make the shift in the next six months and double its exposure in wind energy to about €4bn ($4.26bn) in the future, according to German broadcaster ZDF.
Allianz's investment in renewables passed the €2.5bn mark in July when it bought four wind farms in Austria. The acquisition added 65MW of wind capacity to Allianz Capital Partners' portfolio, which comprises 54 winds farms with more than 1,000MW installed capacity, and seven solar parks across France, Germany, Italy, Sweden and Austria (IAR, 3 July, Allianz reaches €2.5bn renewables milestone).