On 5 August 2018, Munich Re revealed its new coal policy. According to the announcement in the Frankfurter Allgemeine Zeitung, the world’s second largest reinsurer plans to stop offering insurance for new coal-fired power plants and mines in industrialised countries. In addition, Munich Re will no longer invest in shares and bonds of coal companies that generate more than 30% of their revenues in the coal sector. NGOs, including the Unfriend Coal campaign, Urgewald and Avaaz have welcomed the announcement, although they have criticised that the new guidelines are not enough to align Munich Re with the Paris Climate Targets.