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German financial giant Allianz is divesting from fossil fuels

One of the world's largest financial asset managers, Allianz SE, has announced plans to decrease investments in companies that use fossil fuels such as coal. At the same time, companies that utilise renewables such as wind power would receive increased funding. What's more, the company have pledged to get this done in a six month time fame.

Based in Germany, Allianz's economic power stretches across the globe. This decision, therefore, has the potential to generate real change across a range of industries as companies struggle to attract investments.

[Image: European CEO]

Chief Executive Oliver Baete has stated that Allianz will divest from companies that receive more than 30% of sales from coal mining or coal-powered electricity generation. Investment Chief Andreas Gruber told media that Allianz's new position on non-renewable is not only due to environmental concerns, but also because financially, non-renewables are no longer viable.

The announcement coincides with the Paris Climate Conference (COP21), where world leaders have gathered to reach agreements on environmental policies to keep global warming below 2 degrees.

Read our latest articles on the Paris conference here.

“We want to support the negotiations at the climate summit in Paris in December, but also send a signal to our industry and the capital markets.”
- Andreas Gruber

According to The Guardian , "experts estimate the decision on coal would affect investments worth €4bn" (5.82 billion AUD).

This decision by Allianz is the latest in a series of divestments from fossil fuels, indicating that perhaps making money at the cost of the planet is no longer "good business":

Read this next: 10 UK universities say no to fossil fuels

“As the world’s largest insurance company, Allianz knows a thing or two about risk – and there’s no greater risk for the climate than continuing to invest in an industry that is wrecking the planet.”
- 350.org

[Banner image: Shutterstock]

READ THIS NEXT: Why the Paris Climate talks have the potential to change the world


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