France’s largest insurer to divest coal shares

France’s largest insurer will scrap holdings in coal companies because of concerns about climate change, broadening support for the fossil-fuel divestment movement to a major mainstream investor.  Axa is working to sell 500 million euros (AU$702 million) of coal assets and triple “green investments” to 3 billion euros by 2020. …  Last year, Axa paid out 1 billion Euros in weather-related insurance claims, putting climate risks at the heart of its strategy. … There is one thing which is absolutely clear: If the warming goes beyond 2 degrees, it’s going to become tougher and tougher and probably impossible for insurers to cope with damage to the environment.  …  Axa had 925 billion Euros under management at the end of last year.

(Sydney Morning Herald: 25 May 2015)

Category: Economics

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