In response to the 29 May announcement by Dutch insurance and asset management company Nationale Nederlanden Group (NN Group) to phase out investments in the coal industry by 2030, Kees Kodde, campaigner at Greenpeace Netherlands, said:
“NN Group is phasing out coal investments – a smart move in times when the public’s call for climate action is unmistakable; losses from extreme weather events are rising for insurers; and the cost of coal is increasing and costs of wind and solar energy rapidly declining.”
NN Group is an insurance and asset management company active in 18 countries in Europe and Japan, with €260 billion assets under management (including €87 billion AuM on behalf of clients). Mining and utility companies that are above 30% in coal share in power generation will be phased out from its own assets and this percentage will be gradually lowered to close to 0% in 2030. This phase-out includes €220 million in corporate bonds in companies highly exposed and still developing coal sites. The company will exclude any company that derives more than 30% of its revenue from coal mining from its own assets and third party assets. NN Group is adding 36 coal mining companies to its Exclusion List, equity and bonds in these companies will be sold within three months.
Read the article online at: https://www.worldcoal.com/power/29052019/nn-group-to-phase-out-coal-from-investment-portfolio/