More insurers divest coal

Aegon, the Dutch life insurer, has announced that it will further reduce its investments in coal, putting into place a new responsible investment policy to ensure that all new investments contribute to the acceleration of the transition towards a low-carbon economy.

"As a major investor, we take our responsibility towards society, and we deliver on our promise of a secure and healthy financial future while caring about the environment", said Aegon CEO Alex Wynaendts.

Following the implementation of its new Responsible Investment Policy, Aegon will cease investing in companies who own more than 10GWof coal-fired electricity generation capacity and have plans to extend their capacity. Furthermore, companies that produce more than 20 million tonnes of thermal coal annually, and are expanding their coal-related operations, will also no longer be invested in. This is regardless of the company's total revenues.

Aegon joins Liberty Mutual and The Hartford, the third and fourth US insurers respectively, in adopting stronger coal exit policies. Liberty Mutual announced its new policy on 13 December, and The Hartford’s policy was released on 20 December.

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