German insurance company Allianz will sell all of its investments in companies whose turnover from coal activities exceeds 30% in the next six months.

Aware of the two-degree-target of the Paris climate negotiations as well as the economic risks involved, CEO Oliver Bäte announced that Allianz will stop financing coal-based business models. It will no longer invest in companies that derive more than 30 percent of revenue from coal mining or generate over 30 percent of their energy from coal.

Earlier this year, Norway’s parliament agreed the state-owned Norwegian Pension Fund – the world’s largest investment fund worth EUR 800bn – should exit all investment into companies deriving more than 30% of their turnover from coal-fired power generation activities.