The biggest insurance company in Europe will be completely coal free by 2040.
New measures go deeper than those previously taken and are now the best in class.
When will PZU understand that coal insurance is the thing of the past and is undermining the lives of those it insurers?!
AXA has set a new global benchmark for best practice with this coal phase-out policy. Zero tolerance for coal expansion is the only responsible action in a carbon-constrained world and is essential for financial institutions that do not want to be complicit in the damage toxic coal companies cause to the climate and human health.
Pressure is now on all banks, investors, and insurers to up their game with the same strong 2030 phase-out commitment for EU and OECD countries and detailed near-term plans on delivering it. This is the minimum standard for all financial institutions committed to the Paris climate agreement’s 1.5 degree warming limit.
UniCredit’s announcement is a step in the right direction, if a muddled one. While AXA has set what is the new global best practice, Unicredit’s policy leaves the door open to continued funding of coal expansion, and omits a commitment to support a full phase-out coal by 2030 in OECD countries, and by 2040 elsewhere. AXA’s policy has rewritten the rule book for financial institutions and if Unicredit is serious about tackling climate change, it needs to up its game in line with AXA’s climate science-respecting policy.