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BNP Paribas' insurer Cardif reduces exposure to coal

Coal News - Published on Fri, 22 Mar 2019

Image Source: Student Energy
Reuters reported that the Cardif insurance division of BNP Paribas, France's largest bank, outlined new targets to reduce its exposure to coal as companies around the world step up fossil fuel divestment plans to improve the environment. Cardif, which has already sold stakes worth 200 million euros in coal-fired power generation companies, will no longer finance power generation companies where coal-fired power accounts for more than 30 percent of installed capacity.

Cardif said that it intends to invest EUR 3.5 billion in green projects by 2020, up from an earlier pledge of EUR 2.4 billion.

Fossil fuel divestment has gathered pace since the 195-nation global climate agreement was signed in Paris in 2015 with a goal of phasing out the use of fossil fuels this century, prompting pension funds, sovereign wealth funds and universities to sell their oil, gas and coal investments.

Norway's USD 1 trillion sovereign wealth fund, the world's largest, is barred from investing in companies that gain more than 30 percent of their business from coal and two weeks ago it said it would sell its stakes in oil and gas explorers and producers.

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Posted By : Rabi Wangkhem on Fri, 22 Mar 2019
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