French insurer AXA has announced that it is cutting its exposure to the coal industry, withdrawing investments worth €500 million.
The second largest insurer in Europe has joined the growing list of financial companies that have opted to snub the coal industry over environmental concerns.
The French company also announced that it is trebling its environmentally friendly investments with the aiming of reaching €3 billion by 2020 for the insurer's general account.
AXA's decision to cut coal investments arrives just two days after French bank Credit Agricole said it had decided to stop financing coal mining and miners.
Earlier this month Bank of America announced that it was cutting back its lending to the coal industry, while French bank Societe Generale said it was restricting its exposure to the sector.
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