NN Group divests coal

Dutch insurance and asset management company Nationale Nederlanden Group (NN Group) has pledged to phase out investments in the coal industry by 2030.

Mining and utility companies that have over a 30 per cent share in coal power generation will be phased out from its own assets and this percentage will be gradually lowered to close to zero in 2030. This phase-out includes €220 million in corporate bonds in companies highly exposed and still developing coal sites.

The company will also exclude any company that derives more than 30 per cent 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, with equity and bonds in these companies to be sold within 3 months. NN Group cites concerns about climate as the main reason for its decision.

NN Group is active across 18 countries in Europe and Japan, with €260bn assets under management.

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 NN Group is sending a clear message to the financial sector: Investments in coal are outdated and irresponsible. Financial institutions need to walk away from coal and stop investing in burning the planet.”

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