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A new briefing on the coal insurance business of Talanx, one of Europe‘s leading insurance companies, reveals the weak spots in its recently announced coal exclusion policy. The analysis published today finds that loopholes in the announcement could allow the company to continue supporting expansion of the coal industry in Poland and Vietnam via its subsidiaries. These concerns cast doubt over the seriousness of the company’s climate ambitions on the day of its annual general meeting in Hannover, Germany.

About KLP’s new coal exclusion policy announced today, Urgewald’s Director Heffa Schuecking says:

 “Congratulations to KLP on today’s decision. While other financial institutions are setting coal phase-out dates for 2026 or even later, KLP has decided to act now. Other investors and banks need to follow KLP’s example and speed up their departure from the coal industry.”

•    RWE increasingly shunned by investors such as in Norway

•    Roadmap for 2030 coal phase out desperately needed

•    CEO Schmitz ill suited to lead company’s energy transition

The NGOs Greenpeace Norway, Framtiden i våre hender (FIVH) and Urgewald have again trawled through the Norway’s Oil Fund holdings portfolio and identified 32 companies that should have been excluded under the coal exclusion criteria. The Fund is also invested in 16 companies that are building new coal-fired power plants. The numbers don’t lie – Norway’s Oil Fund has $7.2 billion invested in the global coal industry. 
 

Ute Koczy, World Bank campaigner at Urgewald, comments on the nomination of US Treasury Under Secretary David Malpass as the next President of the World Bank Group, which was reported by insiders:

"This way of determining the next World Bank President perpetuates an unfortunate tradition: ruthlessly and exclusively in the interest of the US government. The selection committee is already useless before it could even begin with interviewing possible candidates..."

Urgewald Human Rights Campaigner Knud Voecking comments on the resignation of World Bank President Jim Yong Kim: 

"Here goes a president weary of office. Kim's growing reluctance to properly run his office was obvious in recent months. His direct move into the investment industry without any 'cooling off' is a scandal."