Allianz tightening coal policy from 2023

Allianz SE is tightening its policy for companies with coal-based business models.

Beginning Jan. 1, 2023, the German insurer will no longer provide property and casualty insurance and financing to mining companies that plan new coal mines or generate more than 25% revenue from coal mining or more than 10 million tons of coal annually.

The tighter policy also applies to energy companies that build new coal-fired power plants or generate more than 25% energy or more than 5 GW annually from coal, as well as service providers that generate more than 25% revenue from coal.

Allianz said that since 2015, it has phased out over €6.3 million of investments in coal-based business models. From July 1, Allianz will extend the existing exclusion of single site insurance and investments of coal-fired power plants and mines in operation and construction to corresponding infrastructure, such as coal ports.