How is Coal India for investing

"Allianz must expand its climate protection efforts across the entire group"

At tomorrow's annual general meeting of Allianz, Kathrin Petz, coal and armaments campaigner at urgewald comments:

“Last year, Allianz took an exemplary step for climate protection by defining its exit path from coal. At the same time, it ended direct insurance for coal projects and restricted coal investments in its own systems more than before. However, these restrictions on coal investments do not apply to facilities it manages for third parties.Customers of the Allianz Asset Management division continue to find particularly rigorous coal companies such as Coal India, NTPC, RWE, PGE, Peabody or Arch Coal in the funds offered by Allianz. The alliance must expand its efforts to protect the climate across the entire group and also attract investment clients for its own strategy. "

The alliance must also begin to phase out fossil fuels beyond coal. It is still investing in extremely environmentally and climate-damaging sectors such as deep-sea drilling, oil sands, oil drilling in the Arctic and liquefied gas exports. "

Allianz and its fund company AGI continue to invest in almost all major arms companies, such as Rheinmetall, BAE Systems, Boeing, Airbus and Lockheed Martin. These are companies that, with their arms exports, contribute to the armament of crisis areas, to the fueling of wars like in Yemen and to technology transfers to despots, some of whom even manufacture nuclear weapons. Such investments are absurd, especially for a company that is committed to protecting human rights. "