Welcome to the Urgewald media center

Japanese and European banks top lenders, Chinese banks top underwriters

US companies biggest institutional investors in the coal plant pipeline

French global insurer AXA has put European coal companies on notice that they should publish coal phase out plans compatible with the UN Paris clima-te agreement by 2021, announcing today that it will totally phase out its insu-rance and investment exposure to coal by 2030 in the EU and OECD countries, and by 2040 everywhere else.

•    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.”