Another global banking giant is pulling its funds from coal businesses. Germany’s Allianz SE, one of the world’s largest financial asset managers, announced it will no longer invest in companies if more than 30% of sales come from coal mining or if coal generates more than 30% of electricity. Experts believe this move will affect investments worth over $4bn. Along with their divestment in coal, the German Bank will double its investment in wind energy to $4bn. Allianz joins companies like Citi Bank and Goldman Sachs in divesting from coal, and with the climate summit in Paris just days away, don’t be surprised to see more financial leaders following in their footsteps.
Allianz to cut investments in companies using coal in favor of renewable energy
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