• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 11 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days The United States produced more crude oil than any nation, at any time.
  • 4 mins Could Someone Give Me Insights on the Future of Renewable Energy?
  • 7 days How Far Have We Really Gotten With Alternative Energy
  • 11 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 10 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 10 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.

Lloyd’s Sees No Room For Coal In New Investment Strategy

The world’s oldest insurance market, Lloyd’s of London, is the latest member of the European insurance industry that will divest from coal, beginning in April this year. It will be discussing its new investment strategy at the World Economic Forum Annual Meeting in Davos this week.

In November last year, Lloyd’s Corporation said that it would be implementing a coal exclusion policy for assets held in segregated portfolios as of April 1, 2018, as part of its responsible investment strategy.

“That means that in the areas of our portfolio where we can directly influence investment decisions we will avoid investing in companies that are involved mainly in coal,” Inga Beale, chief executive at Lloyd’s of London, told the Guardian on Sunday.

“Is there more the insurance sector could be doing to help the world transition to a low-carbon economy by choosing sustainable or low-carbon stocks?” Beale added.

According to the Unfriend Coal campaign—which is supported by environmental campaigners including Greenpeace and The Sierra Club—as of November 2017, leading insurance companies had pulled US$20 billion out of investments in coal, and a growing number refuse to underwrite new coal projects.

Switzerland’s Swiss Re and Zurich are leading the insurers in actions not to support coal underwriting and coal investments, according to a report by Unfriend Coal.

Related: The World’s Most Innovative Gas Field

France’s AXA was the first global financial institution to exclude investments in coal in 2015.

Last month, AXA said that it would be divesting US$700 million worth of interests in Canadian oil sands production and pipelines, stepping up its commitment to fight climate change.

ADVERTISEMENT

AXA’s oil sands divestment announcement came on the same day that the World Bank said that it would stop financing upstream oil and gas projects after 2019 as part of its support to countries in meeting their Paris Climate Agreement targets.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News