• Allianz to pull insurance from existing coal projects, as coal firing share of energy sector in Germany falls

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      Patrick Lavery

      Combustion Industry News Editor

The social campaign to urge businesses to divest from fossil fuel assets has had further success, with Europe’s largest insurance company Allianz announcing it will pull out of existing cover for current coal projects. In 2015, the company had already announced it would not cover new coal projects, as have other insurers, but the new announcement takes Allianz’s position beyond that of its competitors. The company claims it will lose €50 million (US$59 million) worth of business through the move. The news comes as coal use fell in Allianz’s home country, Germany, between 2016 and 2017, from 40.3% to 37%, with renewables rising from 29.1% to 33% in the same period. The age of some coal plants, as well as rising carbon permit prices, has contributed to the change.