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.”
• AIIB President can decide about many projects on his own
• Standards of other multilateral banks not met
• China could abuse bank for its geopolitical interests
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.