Making the announcement via a guest article in German newspaper Frankfurter Allgemeine Zeitung, chief executive Joachim Wenning said the world’s largest reinsurer [Munich Re] will be limiting its coal involvement, both in terms of investments and insurance coverage, in line with the climate target set by the Paris Agreement.  

“In the individual risk business, where we can see exactly the risks, we will in principle no longer insure new coal-fired power plants or mines in industrialised countries,” said Wenning.

According to a report by German news agency dpa, “in principle” means there will be case-by-case considerations to allow for exemptions. As for shares and bonds, Munich Re will stop investing in firms that generate more than 30% of their revenues from coal business.

For campaigners though, zero support for coal is the only way to go...