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Generali and VIG insure coal plant in Czech Republic

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World Coal,

Generali and Vienna Insurance Group (VIG) have signed a €365 000 contract to insure a recently finished 660 MW coal-fired power plant in the Czech Republic, the Unfriend Coal campaign revealed on 2 November.

No new coal plants can be built and at least 59% of all coal power must be phased out by 2030 to meet the Paris climate target of limiting global warming to 1.5°C, according to the latest report from the UN’s Intergovernmental Panel on Climate Change.

According to information published on CEZ’s public tendering page, Generali will provide property insurance with co-insurer VIG, both through their Czech-based subsidiaries. VIG, who is also bidding to underwrite a 1000 MW hard coal power plant in Poland, is trying to play an increasing role in underwriting coal in Europe as major insurers pull out.

More than 90 000 people signed petitions calling on Generali to end support for coal ahead of its AGM this year. In February, Generali announced plans to divest €2 billion from coal, but it failed to make any commitments to restrict underwriting.

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