Well, more pressure slowly applied to demand of graphite, all timed in our favour Allianz makes a €2 trillion statement about coal divestment
November 24, 2015 - 7:19PM
German broadcaster ZDF quoted Allianz chief investment officer Andreas Gruber as vowing to shift investments out of coal and into renewables.Photo: Fairfax Media
He was joined on the list by the bosses of major companies such as Siemens, Dow Chemical, Jindal Steel and Power, Nestle and Australian billionaire Anthony Pratt, who is executive chairman of packaging company Visy Industries.
"We will no longer invest in mining companies and utilities that generate more than 30 per cent of their sales or energy creation from coal," Mr Gruber was quoted as saying.
According to reports by Reuters, the change will be conducted over a six-month period and will see investment in wind doubled to 4 billion euros.
The Australian division of Allianz did not return calls on Tuesday and there was no announcement about changes to coal investments on Allianz's global website.
The comments come as Allianz, which has almost €2 trillion ($2.95 trillion) under management, prepares to hold a major investor day in Munich on Wednesday morning Australian time.
The United Nations Climate Change conference in Paris begins on November 30 and runs until December 11.
Charlie Wood from advocacy group 350.org welcomed Allianz's stance.
"This move is another clear sign that major investors are aware of the threats that fossil fuel investments pose to their bottom line and are increasingly refusing to take that risk," he said in a statement.
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