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•    New Study: $1.6 Bn Invested in Fossil Fuels

•    Clear Contradictions to Bank’s Ambitions: "Clean & Green"

•    People from Affected Countries Warn of Harmful Projects
 

The world‘s newest multilateral development bank, the China-led Asia Infrastructure Investment Bank (AIIB) is coming to Luxembourg for its first annual meetings outside of Asia this week Friday and Saturday. In spite of European governments planning for a fossil-free future and holding a 22% share in the AIIB, the bank is not living up to its green promises. New research proves that 20% of the $8 billion the AIIB invested to date has backed fossil fuels - and only 8% renewables.

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.