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Mapfre to stop insuring new coal plants and mines

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World Coal,

Spain’s Mapfre is to stop insuring new coal plants and mines, becoming the ninth insurer to announce restrictions for its cover to coal.

In a statement, Mapfre also re-announced that it will end investment in energy companies that derive more than 30% of income from coal along. The company also announced plans to be carbon neutral by 2030.

Lucie Pinson, European Coordinator of the Unfriend Coal Campaign, said: “Mapfre’s announcement comes just weeks after Austrian insurer VIG announced coal restrictions […] However, without a commitment to end insurance for existing coal contracts or companies, Mapfre’s Sustainability Plan would fall woefully short of the action necessary to completely phase out coal in Europe by 2030 and meet the Paris Agreement 1.5°C targets.

“Contrary to other major European insurers, Mapfre’s statement makes no mention of restrictions to existing coal infrastructures and companies, and it remains unclear if the policy will apply to its reinsurance business. Mapfre repeats its commitment to end investment in energy companies that derive more than 30% of income from coal, but makes no change to its divestment criteria or commitment to sell its current holdings.”

The statement was made public shortly after an official complaint from Spanish NGOs Greenpeace and Ecologistas en Accion, criticising Mapfre for failing to meet and consult with the NGOs on their Sustainability Policy.

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