Dutch insurer reduces ties to thermal coal projects, aims for 2030 phaseout

first_img FacebookTwitterLinkedInEmailPrint分享Intelligent Insurer:From 1 July this year, Dutch insurance and asset management company Nationale Nederlanden (NN) said it will “stop providing insurance services to companies that derive more than 30 percent of their revenues from thermal coal mining or that use at least 30 percent thermal coal for power generation”.This is the company’s new coal exclusion policy aimed at cutting coal use. It also means that existing insurance contracts that use coal at these levels will not be renewed.NN said it would develop guidelines to ensure that by 2030, it will only provide new insurance cover to clients that have an exposure of 5 percent or lower to coal-related activities.The group said it would restrict its investment in coal “to ‘close to zero’ by 2030” and engage with power generation firms to encourage a move to lower carbon alternatives, adding that it had revised its insurance underwriting policy to “create consistency across its business” and align with the investment side.However, green campaigners questioned how NN would be able to implement its coal exclusion policy for companies involved in both coal power and mining activity. They noted that NN is one of the biggest investors in Polish coal, with around €398.4 million investments. Polish coal company PGE is a major coal plant developer, but is also reportedly planning an expansion of the Turow mine. NN’s policy does not state whether the company will exclude PGE, and other such companies, they said. Campaigners also noted that the policy “does not prevent NN from investing in companies planning new coal plants with a coal exposure below 30 percent”.NN follows Allianz and Hannover Re in its commitment to fully phase out its own assets. The deadline of 2030 is aligned with climate science goals to keep global warming below 1.5°C.More: Green groups tentatively welcome Nationale Nederlanden coal exclusion policy Dutch insurer reduces ties to thermal coal projects, aims for 2030 phaseoutlast_img read more